Document:

Unassociated Document

    Exhibit
      4.4

     

    WARRANT
      AGREEMENT

     

    This
      Warrant Agreement
      is made
      as of __, 2008 between Korea Milestone Acquisition Corporation, a Cayman Islands
      corporation, with offices at 545-7 Dogokdong, Gangnam, Seoul, Korea 135-170
      (the
“Company”),
      and
      Continental Stock Transfer & Trust Company, a New York corporation, with
      offices at 17 Battery Place, New York, New York 10004 (the “Warrant
      Agent”).
      

     

    WHEREAS,
      the
      Company is engaged in a public offering (“Public
      Offering”)
      and,
      in connection therewith, has determined to issue and deliver: (i) up to
      5,750,000 units (“Public Units”),
      each
      Public Unit consisting of two of the Company’s ordinary shares, par value
      $0.0001 per share (“Ordinary
      Shares”)
      and
      one warrant (“Public
      Warrants”),
      each
      of such Public Warrants evidencing the right of the holder thereof to purchase
      one Ordinary Share for $6.00, subject to adjustment as described herein and
      (ii)
      375,000 warrants to Broadband Capital Management LLC (the “Representative”) or
      its designees (the “Representative’s Warrants”);

     

    WHEREAS,
      immediately prior to the completion of the Public Offering, the Company shall
      sell and issue (i) 2,307,692 (the “Private
      Warrants”)
      to
      Sang-Chul Kim, each of such Private Warrants evidencing the right of the holder
      thereof to purchase one Ordinary Share for $6.00, subject to adjustment as
      described herein, (the Public Warrants, the Representative’s Warrants and the
      Private Warrants are together referred herein as “Warrants”);
      

     

    WHEREAS,
      the
      Company has filed with the Securities and Exchange Commission a Registration
      Statement, No.________, on Form F-1 (“Registration
      Statement”)
      for
      the registration under the Securities Act of 1933, as amended (“Act”),
      of,
      among other securities, the Public Warrants, the Representative’s Warrants and
      the Ordinary Shares issuable upon exercise of the Public Warrants and the
      Representative’s Warrants; 

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2.  Warrants.
      

     

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

     

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

     

    2.3  Detachability
      of Warrants.
      The
      securities comprising the Units will not be separately transferable until the
      90th day after the date of the prospectus relating to the Company’s Public
      Offering (the “Detachment
      Date”),
      but
      in no event will separate trading of the securities comprising the Units be
      allowed until the Company files a Report of Foreign Private Issuer on Form
      6-K
      that includes an audited balance sheet reflecting the receipt by the Company
      of
      the gross proceeds of the Public Offering including the proceeds received by
      the
      Company from the exercise of the Underwriter’s over-allotment option if the
      over-allotment option is exercised prior to the filing of the Form 6-K.

     

    2.4  Registration.
      

     

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

     

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

     

    
      
        
        

      

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

     

    3.  Terms
      and Exercise of Warrants 

     

    3.1  Warrant
      Price.
      Each
      Public Warrant and Private Warrant shall, when countersigned by the Warrant
      Agent, entitle the Registered Holder thereof, subject to the provisions of
      (a)
      such Public Warrant or Private Warrant, as the case may be, and (b) this Warrant
      Agreement, to purchase from the Company the number of Ordinary Shares stated
      therein, at the price of $6.00 per whole share, subject to the adjustments
      provided in Section 4 hereof and in the last sentence of this Section 3.1.
      The
      term “Warrant
      Price”
as
      used
      in this Warrant Agreement refers to the price per share at which Ordinary Shares
      may be purchased at the time a Warrant is exercised. The Company in its sole
      discretion may lower the Warrant Price at any time prior to the Expiration
      Date.

     

    3.2  Duration
      of Warrants.
      A
      Warrant may be exercised only during the period (“Exercise
      Period”)
      commencing on the later of the consummation by the Company of a merger, capital
      stock exchange, stock purchase, asset acquisition or other similar business
      combination or a combination of any of the foregoing, of one or more operating
      businesses having collectively, a fair market value (as calculated in accordance
      with the requirements as set forth in the Company’s Memorandum and Articles of
      Incorporation) of at least 80% of the balance in the trust account at the time
      of the execution of a definitive agreement for the business combination (a
      “Business
      Combination”),
      or
      ___________ 2008, and terminating at 5:00 p.m., New York City time on the
      earlier to occur of (i) ____________, 2012, or (ii) the date fixed for
      redemption of the Warrants as provided in Section 6 of this Agreement
      (“Expiration
      Date”).
      Except with respect to the right to receive the Redemption Price (as set forth
      in Section 6 hereunder), each Warrant not exercised on or before the Expiration
      Date shall become void, and all rights thereunder and all rights in respect
      thereof under this Agreement shall cease at the close of business on the
      Expiration Date. The Company in its sole discretion may extend the duration
      of
      the Warrants by delaying the Expiration Date. 

     

    3.3  Exercise
      of Warrants.
      A
      Registered Holder may exercise a Warrant by delivering, not later than 5:00
      P.M., New York time, on any Business Day during the Exercise Period (the
“Exercise
      Date”)
      to the
      Warrant Agent at its corporate trust department (i) the Warrant Certificate
      evidencing the Warrants to be exercised, or, in the case of a Book-Entry Warrant
      Certificate, the Warrants to be exercised (the “Book-Entry
      Warrants”)
      free
      on the records of the Depository to an account of the Warrant Agent at the
      Depository designated for such purpose in writing by the Warrant Agent to the
      Depository from time to time, (ii) an election to purchase the Shares underlying
      the Warrants to be exercised (“Election
      to Purchase”),
      properly completed and executed by the Registered Holder on the reverse of
      the
      Warrant Certificate or, in the case of a Book-Entry Warrant Certificate,
      properly delivered by the Participant in accordance with the Depository’s
      procedures, and (iii) the Warrant Price for each Warrant to be exercised as
      follows: 

     

    
      
        
        

      

      
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    (a)
      in
      cash, good certified check or good bank draft payable to the order of the
      Company (or as otherwise agreed to by the Company);

    

    (b)
      in
      the event of redemption pursuant to Section 6 hereof in which the Company’s
      management has elected to require all holders of Warrants to exercise such
      Warrants on a “cashless basis,” by surrendering the Warrants for that number of
      shares of Common Stock equal to the quotient obtained by dividing (x) the
      product of the number of shares of Common Stock underlying the Warrants,
      multiplied by the difference between the Warrant Price and the “Fair Market
      Value” (defined below) by (y) the Fair Market Value. Solely for purposes of this
      Section 3.3, the “Fair Market Value” shall mean the average reported last sale
      price of the Common Stock for the 10 trading days ending on the third trading
      day prior to the date on which the notice of redemption is sent to holders
      of
      Warrant pursuant to Section 6 hereof; or

    

    (c)
      with
      respect to any Private Warrants, in the event of redemption pursuant to Section
      6 hereof in which the Company’s management has not elected to require all
      holders of Warrants to exercise such Warrants on a “cashless basis” or at any
      time other than in connection with a redemption pursuant to Section 6 hereof,
      in
      any case so long as such warrants are held by Sang-Chul Kim or his permitted
      transferees, by surrendering such Warrants for that number of shares of Common
      Stock equal to the quotient obtained by dividing (x) the product of the number
      of shares of Common Stock underlying the Warrants, multiplied by the difference
      between the exercise price of the Warrants and the “Fair Market Value” by (y)
      the Fair Market Value. Solely for purposes of this Section 3.3, the “Fair Market
      Value” shall mean the average reported last sale price of the Common Stock for
      the five trading days ending on the trading day preceding the date the Private
      Warrants are exercised.

    

    If
      any of
      (A) the Warrant Certificate or the Book-Entry Warrants, (B) the Election to
      Purchase, or (C) the Warrant Price therefor, is received by the Warrant Agent
      after 5:00 P.M., New York time, on the specified Exercise Date, the Warrants
      will be deemed to be received and exercised on the Business Day next succeeding
      the Exercise Date. If the date specified as the Exercise Date is not a Business
      Day, the Warrants will be deemed to be received and exercised on the next
      succeeding day that is a Business Day. If the Warrants are received or deemed
      to
      be received after the Expiration Date, the exercise thereof will be null and
      void and any funds delivered to the Warrant Agent will be returned to the Holder
      or Participant, as the case may be, as soon as practicable. In no event will
      interest accrue on funds deposited with the Warrant Agent in respect of an
      exercise or attempted exercise of Warrants. The validity of any exercise of
      Warrants will be determined by the Company in its sole discretion and such
      determination will be final and binding upon the Holder and the Warrant Agent.
      Neither the Company nor the Warrant Agent shall have any obligation to inform
      a
      Holder of the invalidity of any exercise of Warrants. 

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    3.4  Valid
      Issuance.
      All
      Ordinary Shares issued upon the proper exercise of a Warrant in conformity
      with
      this Agreement shall be validly issued, fully paid and nonassessable.

     

    3.5  Date
      of Issuance.
      Each
      person in whose name any such certificate for Ordinary Shares is issued shall
      for all purposes be deemed to have become the holder of record of such shares
      on
      the date on which the Warrant was surrendered and payment of the Warrant Price
      was made, irrespective of the date of delivery of such certificate, except
      that,
      if the date of such surrender and payment is a date when the stock transfer
      books of the Company are closed, such person shall be deemed to have become
      the
      holder of such Ordinary Shares at the close of business on the next succeeding
      date on which the stock transfer books are open. 

     

    4.  Adjustments.
      

     

    4.1  Stock
      Dividends - Split-Ups.
      If
      after the date hereof, and subject to the provisions of Section 4.6 below,
      the
      number of outstanding Ordinary Shares is increased by a stock dividend payable
      in Ordinary Shares, or by a split-up of Ordinary Shares, or other similar event,
      then, on the effective date of such stock dividend, split-up or similar event,
      the number of Ordinary Shares issuable on exercise of each Warrant shall be
      increased in proportion to such increase in outstanding Ordinary Shares.

     

    
      
        
        

      

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

     

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

     

    4.4  Replacement
      of Securities upon Reorganization, etc.
      In case
      of any reclassification or reorganization of the outstanding Ordinary Shares
      (other than a change covered by Section 4.1 or 4.2 hereof or that solely affects
      the par value of such Ordinary Shares), or in the case of any merger or
      consolidation of the Company with or into another corporation (other than a
      consolidation or merger in which the Company is the continuing corporation
      and
      that does not result in any reclassification or reorganization of the
      outstanding Ordinary Shares), or in the case of any sale or conveyance to
      another corporation or entity of the assets or other property of the Company
      as
      an entirety or substantially as an entirety in connection with which the Company
      is dissolved, the Warrant holders shall thereafter have the right to purchase
      and receive, upon the basis and upon the terms and conditions specified in
      the
      Warrants and in lieu of the Ordinary Shares of the Company immediately
      theretofore purchasable and receivable upon the exercise of the rights
      represented thereby, the kind and amount of shares of stock or other securities
      or property (including cash) receivable upon such reclassification,
      reorganization, merger or consolidation, or upon a dissolution following any
      such sale or transfer, that the Warrant holder would have received if such
      Warrant holder had exercised his, her or its Warrant(s) immediately prior to
      such event; and if any reclassification also results in a change in Ordinary
      Shares covered by Section 4.1 or 4.2, then such adjustment shall be made
      pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions of
      this
      Section 4.4 shall similarly apply to successive reclassifications,
      reorganizations, mergers or consolidations, sales or other transfers.

     

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

     

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

     

    
      
        
        

      

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

     

    5.  Transfer
      and Exchange of Warrants.
      

     

    5.1  Transfer
      of Warrants.
      Prior
      to the Detachment Date, the Public Warrants may be transferred or exchanged
      only
      together with the Unit in which such Warrant is included, and only for the
      purpose of effecting, or in conjunction with, a transfer or exchange of such
      Unit. Furthermore, each transfer of a Public Unit or a Private Unit on the
      register relating to such Units shall operate also to transfer the Warrants
      included in such Unit. 

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

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

     

    6.  Redemption.
      

     

    6.1  Redemption.
      Subject
      to Section 6.4 hereof, not less than all of the outstanding Warrants may be
      redeemed, at the option of the Company, at any time after they become
      exercisable and so long as an effective registration statement covering the
      shares of common stock issuable upon exercise of the Warrants is current and
      available throughout the 30-day notice of redemption period and prior to their
      expiration, at the office of the Warrant Agent, upon the notice referred to
      in
      Section 6.2, at the price of $0.01 per Warrant (“Redemption
      Price”),
      provided that the last sales price of the Ordinary Shares has been at least
      $14.25 per Ordinary Share for any twenty (20) trading days within a thirty
      (30)
      trading-day period ending on the third business day prior to the date on which
      notice of redemption is given. 

     

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

     

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

     

    6.4 Exclusion
      of Certain Warrants.
      The
      Company understands that the redemption rights provided for by this Section
      6
      apply only to outstanding Warrants. To the extent a person holds rights to
      purchase Warrants, such purchase rights shall not be extinguished by redemption.
      However, once such purchase rights are exercised, the Company may redeem the
      Warrants issued upon such exercise provided that the criteria for redemption
      is
      met. Additionally, any of the Private Warrants shall not be redeemable by the
      Company as long as such Private Warrants continue to be held by Sang-Chul Kim
      or
      his permitted transferees. However, once such individuals or their permitted
      transferee otherwise transfer such Private Warrants, such Private Warrants
      shall
      then be redeemable by the Company pursuant to Section 6 hereof.

    

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

     

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

     

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

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

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

     

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

     

    8.  Concerning
      the Warrant Agent and Other Matters.
      

     

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

     

    8.2  Resignation,
      Consolidation, or Merger of Warrant Agent.
      

     

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

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

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

     

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

     

    8.3  Fees
      and Expenses of Warrant Agent.
      

     

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

     

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

     

    8.4  Liability
      of Warrant Agent.
      

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

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

     

    9.  Miscellaneous
      Provisions.
      

     

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

     

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

    

    Korea
      Milestone Acquisition Corporation

    SoftForum
      Building

    8th
      Floor

    545-7
      Dogokdong

    Gangnam,
      Seoul, Korea 135-170

    Attn:
      Sang-Chul Kim, Chairman and Chief Executive Officer

     

    with
      a
      copy in each case (which shall not constitute notice) to: 

     

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

    666
      Third
      Avenue

    New
      York,
      New York 10017

    Attn:
      Kenneth R. Koch, Esq.

    

    And

    

    Broadband
      Capital Management LLC

    712
      Fifth
      Avenue, 49th
      Floor

    New
      York,
      New York 10019

    Attn:
      Michael Rapoport

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

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

    

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn
      :
      Compliance Department 

     

    9.3  Applicable
      Law.
      The
      validity, interpretation, and performance of this Agreement and of the Warrants
      shall be governed in all respects by the laws of the State of New York, without
      giving effect to conflict of laws. The Company hereby agrees that any action,
      proceeding or claim against it arising out of or relating in any way to this
      Agreement shall be brought and enforced in the courts of the State of New York
      or the United States District Court for the Southern District of New York,
      and
      irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
      The Company hereby waives any objection to such exclusive jurisdiction and
      that
      such courts represent an inconvenience forum. Any such process or summons to
      be
      served upon the Company may be served by transmitting a copy thereof by
      registered or certified mail, return receipt requested, postage prepaid,
      addressed to it at the address set forth in Section 9.2 hereof. Such mailing
      shall be deemed personal service and shall be legal and binding upon the Company
      in any action, proceeding or claim. 

     

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

     

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

     

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

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

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

     

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

     

    
      	 	 	 
	 	
              KOREA
                MILESTONE ACQUISITION

              CORPORATION

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name: 
                Sang-Chul Kim

              Title: Chairman
                and Chief Executive Officer

            

    

     

    
      	 	 	 
	 	
              CONTINENTAL
                STOCK TRANSFER 

              &
                TRUST COMPANY

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name: Steven
                Nelson

              Title: Chairman

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

    

    Form
      of Warrant

     

    

     

    

    
      4386850v.3Unassociated Document

    THE
      REGISTERED HOLDER OF THIS PURCHASE OPTION, BY ITS ACCEPTANCE HEREOF, AGREES
      THAT
      IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION, EXCEPT AS HEREIN
      PROVIDED, AND THE REGISTERED HOLDER OF THIS PURCHASE OPTION AGREES THAT IT
      WILL
      NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION FOR
      A
      PERIOD OF SIX MONTHS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE
      OTHER THAN (I) BROADBAND CAPITAL MANAGEMENT LLC (“BROADBAND”) OR ITS AFFILIATES
      OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING (DEFINED
      HEREIN), OR (II) A BONA FIDE OFFICER, PARTNER OR EMPLOYEE OF BROADBAND OR OF
      ANY
      SUCH UNDERWRITER OR SELECTED DEALER.

     

    THIS
      PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF: (I)
      ___________________, 2008 AND (II) THE CONSUMMATION BY KOREA MILESTONE
      ACQUISITION CORP. (THE “COMPANY”) OF A MERGER, CAPITAL STOCK EXCHANGE, ASSET
      ACQUISITION OR OTHER SIMILAR BUSINESS COMBINATION (A “BUSINESS COMBINATION”) (AS
      DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT (AS DEFINED
      HEREIN)). THIS PURCHASE OPTION SHALL BE VOID AFTER 5:00 P.M, NEW YORK CITY
      LOCAL
      TIME, ON ______________, 2013.

     

    

    

    UNIT
      PURCHASE OPTION

    

    FOR
      THE PURCHASE OF

    

    375,000
      UNITS

    

    OF

    

    KOREA
      MILESTONE ACQUISITION CORP.

    

    

    1. Purchase
      Option.

    

    THIS
      CERTIFIES THAT, in consideration of $100 duly paid by or on behalf of
Broadband
      Capital Management LLC (collectively, with its successors and permitted assigns
      and/or transferees, the “Holder”
or
      “Broadband”),
      as
      registered owner of this Purchase Option, to Korea Milestone Acquisition Corp.,
      a company formed under the laws of the Cayman Islands (the “Company”),
      Holder is entitled, at any time or from time to time after the closing of the
      Offering (as defined below) and during the period commencing (the “Commencement
      Date”)
      on the
      later of: (i) the consummation of a Business Combination and (ii) ____________
      __, 2008, and expiring (the “Expiration
      Date”)
      at or
      before 5:00 p.m., New York City local time, _______ __, 2013, but not
      thereafter, to subscribe for, purchase and receive, in whole or in part, up
      to
      Three Hundred Seventy-Five Thousand (375,000) units (the “Units”)
      of the
      Company, each Unit consisting of two ordinary shares of the Company, par value
      $.0001 per share (the “Ordinary
      Shares”),
      and
      one warrant (the “Warrant”)
      to
      purchase one Ordinary Share expiring five years from the effective date (the
      “Effective
      Date”)
      of the
      registration statement (the “Registration
      Statement”)
      pursuant to which Units are offered for sale to the public (the “Offering”).
      Each
      Warrant is on the same terms and conditions as the warrants underlying the
      Units
      being registered for sale to the public by way of the Registration
      Statement.
      If the
      Expiration Date is a day on which banking institutions are authorized by law
      to
      close, then this Purchase Option shall expire on the next succeeding day that
      is
      not such a day in accordance with the terms herein. During the period ending
      on
      the Expiration Date, the Company agrees not to take any action that would
      terminate the Purchase Option. This Purchase Option is initially exercisable
      at
      $25.00 per Unit (the “Exercise
      Price”).
      The
      number of Units purchasable hereunder and the Exercise Price are subject to
      adjustment as provided in this Purchase Option.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2. Exercise.

    

    2.1 Exercise.
      This
      Purchase Option may be exercised by the Holder in whole or in part at any time
      or in part from time to time on or after the Commencement Date and before the
      Expiration Date by: (x) surrendering this Purchase Option to the Company, (y)
      delivering a subscription form in the attached hereto as Annex I (duly executed
      by the Holder) and (z) making payment of the Exercise Price in cash, certified
      or official bank check payable to the order of the Company or wire transfer
      of
      immediately available funds (to an account designated by the Company), in any
      case in an amount obtained by multiplying (a) the number of Units designated
      by
      the Holder in the subscription form by (b) the Exercise Price then in effect.
      In
      the event of a partial exercise or assignment hereof, the Company shall issue
      and deliver to or upon the order of the Holder a new Purchase Option of like
      tenor, in the name of the Holder or as the Holder (upon payment by the Holder
      of
      applicable transfer taxes) may request, evidencing the right to purchase the
      aggregate number of Units for which such Purchase Option may still be exercised.
      If the subscription rights represented hereby shall not be exercised at or
      before 5:00 p.m., New York City local time on the Expiration Date, this Purchase
      Option automatically shall become and be void, without further force or effect,
      and all rights represented hereby shall cease and expire.

    

    2.2 Legend.
      Each
      certificate for the Units issued upon exercise of this Purchase Option and
      each
      certificate representing the underlying Ordinary Shares and Warrants and the
      Ordinary Shares issuable upon exercise of the underlying Warrants (the
“Warrant
      Shares”)
      shall
      bear a legend as follows, unless such Units, Ordinary Shares, Warrants and/or
      Warrant Shares (collectively, the “Securities”)
      have
      been registered under the Securities Act of 1933, as amended (the “Act”):

    

    “THE
      SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
      ACT
      OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND
      NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD,
      TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION
      FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION
      OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.”

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    2.3 Cashless
      Exercise.
      In lieu
      of the payment of the Exercise Price multiplied by the number of Units for
      which
      this Purchase Option is exercisable (and in lieu of being entitled to receive
      Ordinary Shares and Warrants) in the manner required by Section 2.1, the Holder
      shall have the right (but not the obligation) to convert any exercisable but
      unexercised portion of this Purchase Option into Units (the “Conversion
      Right”)
      as
      follows: upon exercise of the Conversion Right, the Company shall deliver to
      the
      Holder (without payment by the Holder of any of the Exercise Price in cash)
      that
      number of Ordinary Shares and Warrants comprising that number of Units equal
      to
      the quotient obtained by dividing (x) the Value (as defined below) of the
      portion of the Purchase Option being converted by (y) the Current Market Value
      (as defined below) of the portion of the Purchase Option being converted. The
      “Value”
of
      the
      portion of the Purchase Option being converted shall equal the remainder derived
      from subtracting (a) (i) the Exercise Price multiplied by (ii) the number of
      Units underlying the portion of this Purchase Option being converted from (b)
      the Current Market Value (as defined below) of a Unit multiplied by the number
      of Units underlying the portion of the Purchase Option being converted. As
      used
      herein, the term “Current
      Market Value”
per
      Unit at any date means: (A) in the event that neither the Units nor Warrants
      are
      still trading, the remainder derived from subtracting (x) the exercise price
      of
      the Warrants multiplied by the number of Ordinary Shares issuable upon exercise
      of the Warrants underlying one Unit from (y) (i) the Current Market Price of
      the
      Ordinary Shares multiplied by (ii) the number of Ordinary Shares underlying
      one
      Unit, which shall include the Ordinary Shares underlying the Warrants included
      in such Unit less the Exercise Price for the Unit plus the current Market Price
      of the Ordinary Shares underlying the Unit; (B) in the event the Units, Ordinary
      Shares and Warrants are still trading, (i) if the Units are listed on a national
      securities exchange or quoted on the Nasdaq Global Market, Nasdaq Capital Market
      or FINRA OTC Bulletin Board (or successor), the average of the last sale price
      of the Units in the principal trading market for the Units as reported by the
      exchange, Nasdaq or FINRA, as the case may be, for the ten trading days ending
      on the third business day prior to exercise; or (ii) if the Units are not listed
      on a national securities exchange or quoted on the Nasdaq Global Market, Nasdaq
      Capital Market or the FINRA OTC Bulletin Board (or successor exchange), but
      is
      traded in the residual over-the-counter market, the average of the closing
      bid
      price for Units for the ten trading days ending on the third business day prior
      to exercise for which such quotations are reported by the Pink Sheets, LLC
      or
      similar publisher of such quotations; and (C) in the event that the Units are
      not still trading but the Ordinary Shares and Warrants underlying the Units
      are
      still trading, the Current Market Price of the Ordinary Shares plus the product
      of (x) the Current Market Price of the Warrants and (y) the number of Ordinary
      Shares underlying the Warrants included in one Unit. The “Current
      Market Price”
shall
      mean (i) if the Ordinary Shares (or Warrants, as the case may be) is listed
      on a
      national securities exchange or quoted on the Nasdaq Global Market, Nasdaq
      Capital Market or FINRA OTC Bulletin Board (or successor such as the Bulletin
      Board Exchange), the average of the sale price of the Ordinary Shares (or
      Warrants) in the principal trading market for the Ordinary Shares as reported
      by
      the exchange, Nasdaq or the FINRA, as the case may be, for the ten trading
      days
      ending on the third business day prior to exercise; (ii) if the Ordinary Shares
      (or Warrants, as the case may be) is not listed on a national securities
      exchange or quoted on the Nasdaq Global Market, Nasdaq Capital Market or the
      FINRA OTC Bulletin Board (or successor exchange), but is traded in the residual
      over-the-counter market, the closing bid price for the Ordinary Shares (or
      Warrants) on the last trading day preceding the date in question for which
      such
      quotations are reported by the Pink Sheets, LLC or similar publisher of such
      quotations; and (iii) if the fair market value of the Ordinary Shares cannot
      be
      determined pursuant to clause (i) or (ii) above, such price as the Board of
      Directors of the Company shall determine, in good faith.

    

    
      
        
        

      

      
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    2.4
       Mechanics
      of Cashless Exercise.
      The
      cashless exercise right set forth herein may be exercised by the Holder on
      any
      business day on or after the Commencement Date and not later than the Expiration
      Date by delivering the Purchase Option with the duly executed exercise form
      attached hereto with the cashless exercise section completed to the Company,
      exercising the cashless exercise right and specifying the total number of Units
      the Holder will purchase pursuant to such right.

    

    2.5 No
      Cash Settlement. Notwithstanding
      anything to the contrary contained in this Purchase Option, under no
      circumstances will the Company be required to net cash settle the exercise
      of
      the Purchase Option or the Warrants underlying the Purchase Option.

    

    2.6 Effective
      Registration Statement.
      The
      Warrants underlying this Purchase Option are exercisable only during those
      periods of time in which the Company maintains the effectiveness of the
      Registration Statement. If the Company fails to maintain the effectiveness
      of
      the Registration Statement, the Warrants underlying this Purchase Option may
      expire worthless.

    

    3. Transfer.

    

    3.1 General
      Restrictions.
      Holder
      agrees that, pursuant to FINRA Rule 2710(g)(1), it will not sell this Purchase
      Option during the Company’s Offering, nor shall such Holder sell, transfer,
      assign, pledge, hypothecate or otherwise dispose of this Purchase Option
      (including the Securities hereunder) or cause this Purchase Option or the
      Securities hereunder to be the subject of any hedging, short sale, derivative,
      put or call transaction that would result in the effective economic disposition
      of this Purchase Option or the Securities hereunder, except as provided for
      in
      FINRA Rule 2710(g)(2). 

    

    3.2 Restrictions
      Imposed by the Act.
      The
      Securities evidenced by this Purchase Option shall not be transferred unless
      and
      until (i) the Company has received the opinion of counsel for the Holder that
      the Securities may be transferred pursuant to an exemption from registration
      under the Act and applicable state securities laws, the availability of which
      is
      established to the reasonable satisfaction of the Company (the Company hereby
      agreeing that the opinion of Ellenoff, Grossman & Schole LLP shall be deemed
      satisfactory evidence of the availability of an exemption), or (ii) a
      registration statement or a post-effective amendment to the Registration
      Statement relating to such Securities has been filed by the Company and declared
      effective by the Securities and Exchange Commission (the “SEC”)
      and
      compliance with applicable state securities law has been
      established.

     

    
      
        
        

      

      
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    4. New
      Purchase Options to be Issued.

    

    4.1 Partial
      Exercise or Transfer.
      Subject
      to the restrictions in Section 3 hereof, this Purchase Option may be exercised
      or assigned in whole or in part. In order to make any permitted assignment
      or
      transfer, the Holder must deliver to the Company the assignment form attached
      hereto as Annex II duly executed and completed, together with the Purchase
      Option and payment of all transfer taxes, if any, payable in connection
      therewith. The Company shall within five (5) business days transfer this
      Purchase Option on the books of the Company and shall execute and deliver a
      new
      Purchase Option or Purchase Options of like tenor to the appropriate assignee(s)
      expressly evidencing the right to purchase the aggregate number of Units
      purchasable hereunder or such portion of such number as shall be contemplated
      by
      any such assignment or transfer.

    

    4.2 Lost
      Certificate.
      Upon
      receipt by the Company of evidence satisfactory to it of the loss, theft,
      destruction or mutilation of this Purchase Option and of reasonably satisfactory
      indemnification or the posting of a bond, the Company shall execute and deliver
      a new Purchase Option of like tenor and date. Any such new Purchase Option
      executed and delivered as a result of such loss, theft, mutilation or
      destruction shall constitute a substitute contractual obligation on the part
      of
      the Company.

    

    5. Registration
      Rights.
      

    

    5.1 Demand
      Registration.

    

    5.1.1 Grant
      of Right.
      The
      Company, upon written demand (an “Demand
      Notice”)
      of the
      Holder(s) of at least a majority (the “Majority
      Holders”)
      of the
      Purchase Options and/or the underlying Units and/or the underlying Securities,
      agrees to register all or any portion of the Purchase Option and the underlying
      Securities (collectively, the “Registrable
      Securities”)
      as
      requested by the Majority Holders. The Company will file a registration
      statement or a post-effective amendment to the Registration Statement covering
      the Registrable Securities within sixty (60) days after receipt of the Initial
      Demand Notice and use its commercially reasonable efforts to have such
      registration statement or post-effective amendment declared effective as soon
      as
      possible thereafter, subject to compliance with review by the SEC. The demand
      for registration may be made at any time beginning six (6) months prior to
      the
      Commencement Date. The Company covenants and agrees to give written notice
      of
      its receipt of any Demand Notice by any Holder(s) to all other registered
      Holders of the Purchase Options and/or the Registrable Securities within ten
      (10) days from the date of the receipt of any such Demand Notice.

    

    5.1.2 Terms.
      The
      Company shall bear all fees and expenses attendant to registering the
      Registrable Securities, including the expenses of one legal counsel selected
      by
      the Holders to represent them in connection with the registration of the
      Registrable Securities, but the Holders shall pay any and all underwriting
      commissions. The Company agrees to use its reasonable best efforts to qualify
      or
      register the Registrable Securities in such States as are reasonably requested
      by the Majority Holder(s); provided,
      however,
      that in
      no event shall the Company be required to register the Registrable Securities
      in
      a State in which such registration would cause (i) the Company to be obligated
      to qualify to do business in such State, or would subject the Company to
      taxation as a foreign corporation doing business in such jurisdiction or (ii)
      the principal stockholders of the Company to be obligated to escrow their shares
      of capital stock of the Company. The Company shall cause any registration
      statement or post-effective amendment filed pursuant to the demand rights
      granted under Section 5.1.1 to remain effective for a period of two (2) years
      from the effective date of such registration statement or post-effective
      amendment.

     

    
      
        
        

      

      
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    5.2 “Piggy-Back”
      Registration.

    

    5.2.1 Grant
      of Right.
      If at
      any time during a period of seven (7) years commencing on the Effective Date
      when there is not an effective registration statement covering all of the
      Registrable Securities, the Company shall determine to prepare and file with
      the
      SEC a registration statement relating to an offering under the Act of any of
      its
      securities, other than pursuant to SEC Form S-4 or S-8 or any equivalent form,
      the Company, upon the request of any Holder, as described below, shall cause
      the
      registration under the Act of the Registrable Securities as part of any such
      registration statement filed by the Company; provided,
      however,
      that
      if, in the written opinion of the Company’s managing underwriter or
      underwriters, if any, for such offering, the inclusion of the Registrable
      Securities, when added to the securities being registered by the Company or
      the
      selling stockholder(s), will exceed the maximum amount of the Company’s
      securities (the “Maximum
      Number of Shares”)
      which
      can be marketed (i) at a price reasonably related to their then current market
      value, and (ii) without materially and adversely affecting the entire offering,
      then the Company shall include in any such registration:

    

    (i) If
      the
      registration is undertaken for the Company’s account: (A) first, the Ordinary
      Shares 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 Ordinary Shares, if any, including the Registrable Securities, as
      to
      which registration has been requested pursuant to written contractual piggy-back
      registration rights of security holders (pro rata in accordance with the number
      of Ordinary Shares which each such person has actually requested to be included
      in such registration, regardless of the number of Ordinary Shares with respect
      to which such persons have the right to request such inclusion) that can be
      sold
      without exceeding the Maximum Number of Shares; and

    

    (ii) If
      the
      registration is a “demand” registration undertaken at the demand of persons
      other than the holders of Registrable Securities pursuant to written contractual
      arrangements with such persons, (A) first, the Ordinary Shares 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 Ordinary Shares or other
      securities that the Company desires to sell 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 Registrable Securities as to which registration has been requested under
      this Section 5.2 (pro rata in accordance with the number of shares of
      Registrable Securities held by each such holder); 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 Ordinary Shares, if any, as to which registration
      has been requested pursuant to written contractual piggy-back registration
      rights which other shareholders desire to sell that can be sold without
      exceeding the Maximum Number of Shares.

     

    
      
        
        

      

      
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    5.2.2 Terms.
      The
      Company shall bear all fees and expenses attendant to registering the
      Registrable Securities, including the reasonable expenses of one legal counsel
      selected by the Holders to represent them in connection with the registration
      of
      the Registrable Securities but the Holders shall pay any and all underwriting
      commissions related to the Registrable Securities. In the event of such a
      proposed registration, the Company shall furnish the then Holders of outstanding
      Registrable Securities with not less than fifteen (15) days’ written notice
      prior to the proposed date of filing of such registration statement. Such notice
      to the Holders shall continue to be given for each applicable registration
      statement filed (during the period in which the Purchase Option is exercisable)
      by the Company until such time as all of the Registrable Securities have been
      registered and sold. The holders of the Registrable Securities shall exercise
      the “piggy-back” rights provided for herein by giving written notice, within ten
      days of the receipt of the Company’s notice of its intention to file a
      registration statement. The Company shall cause any registration statement
      filed
      pursuant to the above “piggyback” rights to remain effective for at least nine
      months from the date that the Holders of the Registrable Securities are first
      given the opportunity to sell all of such securities. The
      Company agrees, at its sole expense, to use its reasonable best efforts to
      qualify or register the Registrable Securities in such States as are reasonably
      requested by the Majority Holder(s); provided, however, that in no event shall
      the Company be required to register the Registrable Securities in a State in
      which such registration would cause (i) the Company to be obligated to qualify
      to do business in such State, or would subject the Company to taxation as a
      foreign corporation doing business in such jurisdiction or (ii) the principal
      stockholders of the Company to be obligated to escrow their shares of capital
      stock of the Company. 

    

    5.3 General
      Terms.

    

    5.3.1 Indemnification.
      The
      Company shall, notwithstanding any termination of this Purchase Option,
      indemnify and hold harmless each Holder, the officers, directors, agents,
      brokers, investment advisors and employees of each of them and each person,
      if
      any, who controls such Holders within the meaning of Section 15 of the Act
      or
      Section 20(a) of the Securities Exchange Act of 1934, as amended (the
“Exchange
      Act”),
      and the
      officers, directors, agents and employees of such controlling person, to the
      fullest extent permitted by applicable law, from and against
      all loss, claim, damage, expense or liability (including all reasonable
      attorneys’ fees and other expenses reasonably incurred in investigating,
      preparing or defending against litigation, commenced or threatened, or any
      claim
      whatsoever whether arising out of any action between the underwriter and the
      Company or between the underwriter and any third party or otherwise) to which
      any of them may become subject under the Act, the Exchange Act or otherwise,
      arising out of or relating to such registration statement filed pursuant to
      this
      Section 5 and any prospectus contained in the registration statement or in
      any
      amendment or supplement thereto, except only to the same extent and with the
      same effect as the provisions pursuant to which the Company has agreed to
      indemnify the underwriters contained in Section 5.1 of the Underwriting
      Agreement between the Company, Broadband and the other underwriters named
      therein dated the Effective Date. Each Holder of the Registrable Securities
      to
      be sold pursuant to such registration statement, and their successors and
      assigns, shall severally, and not jointly, indemnify the Company, its officers
      and directors and each person, if any, who controls the Company within the
      meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, against
      all loss, claim, damage, expense or liability (including all reasonable
      attorneys’ fees and other expenses reasonably incurred in investigating,
      preparing or defending against any claim whatsoever) to which they may become
      subject under the Act, the Exchange Act or otherwise, arising from information
      furnished by or on behalf of such Holders, or their successors or assigns,
      in
      writing, for specific inclusion in such registration statement to the same
      extent and with the same effect as the provisions contained in Section 5.2
      of
      the Underwriting Agreement pursuant to which the underwriters have agreed to
      indemnify the Company.

    

    
      
        
        

      

      
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    5.3.2 Exercise
      of Purchase Options.
      Nothing
      contained in this Purchase Option shall be construed as requiring any Holder
      to
      exercise their Purchase Options or Warrants underlying such Purchase Options
      prior to or after the filing of any registration statement or the effectiveness
      thereof.

    

    5.3.3 Documents
      Delivered to Holders.
      The
      Company shall furnish Broadband, as representative of the Holders participating
      in any of the foregoing offerings, a signed counterpart, addressed to the
      participating Holders, of (i) an opinion of counsel to the Company, dated the
      effective date of such registration statement (and, if such registration
      includes an underwritten public offering, an opinion dated the date of the
      closing under any underwriting agreement related thereto), and (ii) a “cold
      comfort” letter dated the effective date of such registration statement (and, if
      such registration includes an underwritten public offering, a letter dated
      the
      date of the closing under the underwriting agreement) signed by the independent
      public accountants who have issued a report on the Company’s financial
      statements included in such registration statement, in each case covering
      substantially the same matters with respect to such registration statement
      (and
      the prospectus included therein) and, in the case of such accountants’ letter,
      with respect to events subsequent to the date of such financial statements,
      as
      are customarily covered in opinions of issuer’s counsel and in accountants’
letters delivered to underwriters in underwritten public offerings of
      securities. The Company shall also deliver promptly to Broadband, as
      representative of the Holders participating in the offering, the correspondence
      and memoranda described below and copies of all correspondence between the
      Commission and the Company, its counsel or auditors and all memoranda relating
      to discussions with the Commission or its staff with respect to the registration
      statement and permit Broadband, as representative of the Holders, to do such
      investigation, upon reasonable advance notice, with respect to information
      contained in or omitted from the registration statement as it deems reasonably
      necessary to comply with applicable securities laws or rules of the Financial
      Industry Regulatory Authority, Inc. (“FINRA”).
      Such
      investigation shall include access to books, records and properties and
      opportunities to discuss the business of the Company with its officers and
      independent auditors, all to such reasonable extent and at such reasonable
      times
      and as often as Broadband, as representative of the Holders, shall reasonably
      request. The Company shall not be required to disclose any confidential
      information or other records to Broadband, as representative of the Holders,
      or
      to any other person, until and unless such persons shall have entered into
      reasonable confidentiality agreements (in form and substance reasonably
      satisfactory to the Company), with the Company with respect
      thereto.

    

    
      
        
        

      

      
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    5.3.4 Documents
      to be Delivered by Holder(s).
      Each
      Holder participating in any of the foregoing offerings shall furnish to the
      Company a completed and executed questionnaire provided by the Company
      requesting information customarily sought of selling
      securityholders.

    

    5.3.5 Underwriting
      Agreement.
      The
      Company shall enter into an underwriting agreement with the managing
      underwriter(s), if any, selected by any Holders, whose Registrable Securities
      are being registered pursuant to this Section 5, which managing underwriter
      shall be reasonably acceptable to the Company. Such agreement shall be
      reasonably satisfactory in form and substance to the Company and its legal
      counsel, each Holder and such managing underwriters, and shall contain such
      representations, warranties and covenants by the Company and such other terms
      as
      are customarily contained in agreements of that type used by the managing
      underwriter. The Holders shall be parties to any underwriting agreement relating
      to an underwritten sale of their Registrable Securities and may, at their
      option, require that any or all the representations, warranties and covenants
      of
      the Company to or for the benefit of such underwriters shall also be made to
      and
      for the benefit of such Holders. Such Holders shall not be required to make
      any
      representations or warranties to or agreements with the Company or the
      underwriters except as they may relate to such Holders and their intended
      methods of distribution. Such Holders, however, shall agree to such covenants
      and indemnification and contribution obligations for selling stockholders as
      are
      customarily contained in agreements of that type used by the managing
      underwriter. Further, such Holders shall execute appropriate custody agreements
      and otherwise cooperate fully in the preparation of the registration statement
      and other documents relating to any offering in which they include securities
      pursuant to this Section 5. Each Holder shall also furnish to the Company such
      information regarding itself, the Registrable Securities held by it, and the
      intended method of disposition of such securities as shall be reasonably
      required to effect the registration of the Registrable Securities.

    

    5.3.6 Rule
      144 Sale.  Notwithstanding
      anything contained in this Section 5 to the contrary, the Company shall have
      no
      obligation pursuant to Sections 5.1 or 5.2 for the registration of Registrable
      Securities held by any Holder (i) where such Holder would then be entitled
      to
      sell under Rule 144 within any three month period (or such other period
      prescribed under Rule 144 as may be provided by amendment thereof) all of the
      Registrable Securities held by such Holder, and (ii) where the number of
      Registrable Securities held by such Holder is within the volume limitations
      under paragraph (e) of Rule 144 (calculated as if such Holder were an affiliate
      within the meaning of Rule 144).

    

    5.3.7 Supplemental
      Prospectus.
      Each
      Holder agrees, that upon receipt of any notice from the Company of the happening
      of any event as a result of which the prospectus included in the Registration
      Statement, as then in effect, includes an untrue statement of a material fact
      or
      omits to state a material fact required to be stated therein or necessary to
      make the statements therein not misleading in light of the circumstances then
      existing, such Holder will immediately discontinue disposition of Registrable
      Securities pursuant to the Registration Statement covering such Registrable
      Securities until such Holder’s receipt of the copies of a supplemental or
      amended prospectus, and, if so desired by the Company, such Holder shall deliver
      to the Company (at the expense of the Company) or destroy (and deliver to the
      Company a certificate of such destruction) all copies, other than permanent
      file
      copies then in such Holder’s possession, of the prospectus covering such
      Registrable Securities current at the time of receipt of such
      notice.

    

    
      
        
        

      

      
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    6. Adjustments.

    

    6.1 Adjustments
      to Exercise Price and Number of Securities.
      The
      Exercise Price and the number of Units underlying the Purchase Option shall
      be
      subject to adjustment from time to time as hereinafter set forth:

    

    6.1.1 Stock
      Dividends - Split-Ups.
      If
      after the date hereof, the number of outstanding Ordinary Shares is increased
      by
      a stock dividend payable in Ordinary Shares or by a split-up of Ordinary Shares
      or other similar event, then, on the effective date thereof, the number of
      Ordinary Shares underlying each of the Units purchasable hereunder shall be
      increased in proportion to such increase in outstanding shares. In such case,
      the number of Ordinary Shares, and the exercise price applicable thereto,
      underlying the Warrants underlying each of the Units purchasable hereunder
      shall
      be adjusted in accordance with the terms of the Warrants. For example, if the
      Company declares a two-for-one stock dividend and at the time of such dividend
      this Purchase Option is for the purchase of one Unit at $25.00 per whole Unit
      (each Warrant underlying the Units is exercisable for $6.00 per share), upon
      effectiveness of the dividend, this Purchase Option will be adjusted to allow
      for the purchase of one Unit at $25.00 per Unit, each Unit entitling the holder
      to receive four Ordinary Shares and two Warrants (each Warrant exercisable
      for
      $3.00 per share).

    

    6.1.2 Aggregation
      of Shares.
      If
      after the date hereof, the number of outstanding Ordinary Shares is decreased
      by
      a consolidation, combination or reclassification of Ordinary Shares or other
      similar event, then, on the effective date thereof, the number of Ordinary
      Shares underlying each of the Units purchasable hereunder shall be decreased
      in
      proportion to such decrease in outstanding shares. In such case, the number
      of
      Ordinary Shares, and the exercise price applicable thereto, underlying the
      Warrants underlying each of the Units purchasable hereunder shall be adjusted
      in
      accordance with the terms of the Warrants.

    

    6.1.3 Replacement
      of Securities upon Reorganization, etc.
      In case
      of any reclassification or reorganization of the outstanding Ordinary Shares
      other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely
      affects the par value of such Ordinary Shares, or in the case of any merger
      or
      consolidation of the Company with or into another corporation (other than a
      consolidation or merger in which the Company is the continuing corporation
      and
      that does not result in any reclassification or reorganization of the
      outstanding Ordinary Shares), or in the case of any sale or conveyance to
      another corporation or entity of the property of the Company as an entirety
      or
      substantially as an entirety in connection with which the Company is dissolved,
      the Holder of this Purchase Option shall have the right thereafter (until the
      expiration of the right of exercise of this Purchase Option) to receive upon
      the
      exercise hereof, for the same aggregate Exercise Price payable hereunder
      immediately prior to such event, the kind and amount of shares of stock or
      other
      securities or property (including cash) receivable upon such reclassification,
      reorganization, merger or consolidation, or upon a dissolution following any
      such sale or transfer, by a Holder of the number of Ordinary Shares of the
      Company obtainable upon exercise of this Purchase Option and the underlying
      Warrants immediately prior to such event; and if any reclassification also
      results in a change in Ordinary Shares covered by Section 6.1.1 or 6.1.2, then
      such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section
      6.1.3. The provisions of this Section 6.1.3 shall similarly apply to successive
      reclassifications, reorganizations, mergers or consolidations, sales or other
      transfers.

     

    
      
        
        

      

      
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    6.1.4 Changes
      in Form of Purchase Option.
      This
      form of Purchase Option need not be changed because of any change pursuant
      to
      this Section, and the Purchase Options issued after such change may state the
      same Exercise Price and the same number of Units as are stated in the Purchase
      Options initially issued pursuant to this Agreement. The acceptance by any
      Holder of the issuance of new Purchase Options reflecting a required or
      permissive change shall not be deemed to waive any rights to an adjustment
      occurring after the Commencement Date or the computation thereof.

    

    6.2 Substitute
      Purchase Option.
      In case
      of any consolidation of the Company with, or merger of the Company with, or
      merger of the Company into, another corporation (other than a consolidation
      or
      merger which does not result in any reclassification or change of the
      outstanding Ordinary Shares), the corporation formed by such consolidation
      or
      merger shall execute and deliver to the Holder a supplemental Purchase Option
      providing that the holder of each Purchase Option then outstanding or to be
      outstanding shall have the right thereafter (until the stated expiration of
      such
      Purchase Option) to receive, upon exercise of such Purchase Option, the kind
      and
      amount of shares of stock and other securities and property receivable upon
      such
      consolidation or merger, by a holder of the number of Ordinary Shares of the
      Company for which such Purchase Option might have been exercised immediately
      prior to such consolidation, merger, sale or transfer. Such supplemental
      Purchase Option shall provide for adjustments which shall be identical to the
      adjustments provided in Section 6. The above provision of this Section shall
      similarly apply to successive consolidations or mergers.

    

    6.3 Elimination
      of Fractional Interests.
      The
      Company shall not be required to issue certificates representing fractions
      of
      Ordinary Shares or Warrants upon the exercise of the Purchase Option, nor shall
      it be required to issue scrip or pay cash in lieu of any fractional interests,
      it being the intent of the parties that all fractional interests shall be
      eliminated by rounding any fraction up or down to the nearest whole number
      of
      Warrants, Ordinary Shares or other securities, properties or
      rights.

    

    7. Reservation
      and Listing.
      The
      Company shall at all times reserve and keep available out of its authorized
      Ordinary Shares, solely for the purpose of issuance upon exercise of the
      Purchase Options or the Warrants underlying the Purchase Option, such number
      of
      Ordinary Shares or other securities, properties or rights as shall be issuable
      upon the exercise thereof. The Company covenants and agrees that, upon exercise
      of the Purchase Options and payment of the Exercise Price therefor, all Ordinary
      Shares and other securities issuable upon such exercise shall be duly and
      validly issued, fully paid and non-assessable and not subject to preemptive
      rights of any stockholder. The Company further covenants and agrees that upon
      exercise of the Warrants underlying the Purchase Options and payment of the
      respective Warrant exercise price therefor, all Ordinary Shares and other
      securities issuable upon such exercise shall be duly and validly issued, fully
      paid and non-assessable and not subject to preemptive rights of any stockholder.
      As long as the Purchase Options shall be outstanding, the Company shall use
      its
      best efforts to cause all (i) Units and Ordinary Shares issuable upon exercise
      of the Purchase Options, (ii) Warrants issuable upon exercise of the Purchase
      Options and (iii) Ordinary Shares issuable upon exercise of the Warrants
      included in the Units issuable upon exercise of the Purchase Option to be listed
      (subject to official notice of issuance) on all securities exchanges (or, if
      applicable on the Nasdaq Global Market, Nasdaq Capital Market, FINRA OTC
      Bulletin Board or any successor trading market) on which the Units, the Ordinary
      Shares or the Warrants may then be listed and/or quoted.

     

    
      
        
        

      

      
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    8. Certain
      Notice Requirements.

    

    8.1 Holder’s
      Right to Receive Notice.
      Nothing
      herein shall be construed as conferring upon the Holders the right to vote
      or
      consent as a stockholder for the election of directors or any other matter,
      or
      as having any rights whatsoever as a stockholder of the Company. If, however,
      at
      any time prior to the expiration of the Purchase Options and their exercise,
      any
      of the events described in Section 8.2 shall occur, then, in one or more of
      said
      events, the Company shall give written notice of such event at least fifteen
      (15) days prior to the date fixed as a record date or the date of closing the
      transfer books for the determination of the stockholders entitled to such
      dividend, distribution, conversion or exchange of securities or subscription
      rights, or entitled to vote on such proposed dissolution, liquidation, winding
      up or sale. Such notice shall specify such record date or the date of the
      closing of the transfer books, as the case may be. Notwithstanding the
      foregoing, the Company shall deliver to each Holder a copy of each notice given
      to the other stockholders of the Company at the same time and in the same manner
      that such notice is given to the stockholders.

    

    8.2 Events
      Requiring Notice.
      The
      Company shall be required to give the notice described in this Section 8 upon
      one or more of the following events: (i) if the Company shall take a record
      of
      the holders of its Ordinary Shares for the purpose of entitling them to receive
      a dividend or distribution, or (ii) the Company shall offer to all the holders
      of its Ordinary Shares any additional shares of capital stock of the Company
      or
      securities convertible into, exercisable for or exchangeable for shares of
      capital stock of the Company, or any option, right or warrant to subscribe
      therefor, or (iii) a dissolution, liquidation or winding up of the Company
      (other than in connection with a consolidation or merger) or a sale of all
      or
      substantially all of its property, assets and business or a merger of the
      Company wherein the separate existence of the Company shall cease shall be
      proposed.

    

    8.3 Notice
      of Change in Exercise Price.
      The
      Company shall, promptly after an event requiring a change in the Exercise Price
      pursuant to Section 6 hereof, send notice to the Holders of such event and
      change (a “Price
      Notice”).
      The
      Price Notice shall describe the event causing the change and the method of
      calculating same and shall be certified as being true and accurate by the
      Company’s President and Chief Financial Officer.

    

     

    8.4 Transmittal
      of Notices.
      All
      notices, requests, consents and other communications under this Purchase Option
      shall be in writing and shall be deemed to have been duly made when hand
      delivered, mailed by express mail or private courier service, or sent by
      facsimile transmission, with confirmation of receipt: (i) If to the registered
      Holder of the Purchase Option, to the address and/or fax number of such Holder
      as shown on the books of the Company, or (ii) if to the Company, to the
      following address or fax number or to such other address or and fax number
      as
      the Company may designate by notice to the Holders:

    

    Korea
      Milestone Acquisition Corp.

    SoftForum
      Building

    8th
      Floor

    545-7
      Dogokdong

    Gangnam,
      Seoul, Korea 135-170

    Attn:
      Sang-Chul Kim

    

    
      
        
        

      

      
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    9. Miscellaneous.

    

    9.1 Amendments.
      The
      Company and Broadband may from time to time supplement or amend this Purchase
      Option without the approval of any of the Holders in order to cure any
      ambiguity, to correct or supplement any provision contained herein that may
      be
      defective or inconsistent with any other provisions herein, or to make any
      other
      provisions in regard to matters or questions arising hereunder that the Company
      and Broadband may deem necessary or desirable and that the Company and Broadband
      deem shall not adversely affect the interest of the Holders. All other
      modifications or amendments shall require the written consent of and be signed
      by the party against whom enforcement of the modification or amendment is
      sought.

    

    9.2 Headings.
      The
      headings contained herein are for the sole purpose of convenience of reference,
      and shall not in any way limit or affect the meaning or interpretation of any
      of
      the terms or provisions of this Purchase Option.

    

    9.3. Entire
      Agreement.
      This
      Purchase Option (together with the other agreements and documents being
      delivered pursuant to or in connection with this Purchase Option) constitutes
      the entire agreement of the parties hereto with respect to the subject matter
      hereof, and supersedes all prior agreements and understandings of the parties,
      oral and written, with respect to the subject matter hereof.

    

    9.4 Binding
      Effect.
      This
      Purchase Option shall inure solely to the benefit of and shall be binding upon,
      the Holder and the Company and their permitted assignees, respective successors,
      legal representative and assigns, and no other person shall have or be construed
      to have any legal or equitable right, remedy or claim under or in respect of
      or
      by virtue of this Purchase Option or any provisions herein
      contained.

    

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

    

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    9.6 Waiver,
      Etc.
      The
      failure of the Company or the Holder to at any time enforce any of the
      provisions of this Purchase Option shall not be deemed or construed to be a
      waiver of any such provision, nor to in any way affect the validity of this
      Purchase Option or any provision hereof or the right of the Company or any
      Holder to thereafter enforce each and every provision of this Purchase Option.
      No waiver of any breach, non-compliance or non-fulfillment of any of the
      provisions of this Purchase Option shall be effective unless set forth in a
      written instrument executed by the party or parties against whom or which
      enforcement of such waiver is sought; and no waiver of any such breach,
      non-compliance or non-fulfillment shall be construed or deemed to be a waiver
      of
      any other or subsequent breach, non-compliance or non-fulfillment.

    

    9.7 Execution.
      It is
      agreed that deliver of the Company’s signature hereon by facsimile or other
      electronic method of delivery shall constitute a valid signature and
      delivery.

    

    9.8
       Exchange
      Agreement.
      As a
      condition of the Holder’s receipt and acceptance of this Purchase Option, Holder
      agrees that, at any time prior to the complete exercise of this Purchase Option
      by Holder, if the Company and Broadband enter into an agreement (an
“Exchange
      Agreement”)
      pursuant to which they agree that all outstanding Purchase Options will be
      exchanged for securities or cash or a combination of both, then Holder shall
      agree to such exchange and become a party to the Exchange
      Agreement.

     

    9.9 Underlying
      Warrants.
      At any
      time after exercise by the Holder of this Purchase Option, the Holder may
      exchange his Warrants for Public Warrants upon payment to the Company of the
      difference between the exercise price of his Warrant and the exercise price
      of
      the Public Warrants, if any.

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Company has caused this Purchase Option to be signed by
      its
      duly authorized officer as of the __th day of ___________, 2008.

    

    

    KOREA
      MILESTONE ACQUISITION CORP.

    

    

    By:
      _________________________________

    Name:  

    Title:
      

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    Annex
      I

    

    Form
      to
      be used to exercise Purchase Option

    

    KOREA
      MILESTONE ACQUISITION CORP.

    _________________________

    _________________________

    

    Date:_________________,
      200__

    

    The
      undersigned hereby elects irrevocably to exercise all or a portion of the within
      Purchase Option and to purchase ____ Units of Korea Milestone Acquisition Corp.
      and hereby makes payment of $____________ (at the rate of $_________ per Unit)
      in payment of the Exercise Price pursuant thereto. Please issue the Ordinary
      Shares and Warrants as to which this Purchase Option is exercised in accordance
      with the instructions given below.

    

    or

    

    The
      undersigned hereby elects irrevocably to convert its right to purchase _________
      Units purchasable under the within Purchase Option by surrender of the
      unexercised portion of the attached Purchase Option (with a “Value” based of
      $_______ based on a “Market Price” of $_______). Please issue the securities
      comprising the Units as to which this Purchase Option is exercised in accordance
      with the instructions given below.

    

    ________________________

    Signature

    

    ________________________

    Signature
      Guaranteed

    

    

    INSTRUCTIONS
      FOR REGISTRATION OF SECURITIES

    

    

    Name_____________________________________________________________

    (Print
      in
      Block Letters)

    

    Address__________________________________________________________

    

    

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Annex
      II

    

    Form
      to
      be used to assign Purchase Option

    

    

    ASSIGNMENT

    

    

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

    

    FOR
      VALUE
      RECEIVED,___________________________________________ does hereby sell, assign
      and transfer unto______________________________________ the right to purchase
      __________ Units of Korea Milestone Acquisition Corp. (the “Company”)
      evidenced by the within Purchase Option and does hereby authorize the Company
      to
      transfer such right on the books of the Company.

    

    Dated:___________________,
      200_

    

    

    ______________________

    Signature

    

    

    ______________________

    Signature
      Guaranteed

    

    

    

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

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