Document:

Unassociated Document

    EXHIBIT
      4.7

    

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

     

    THIS
      PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF (I) THE CONSUMMATION
      BY
      STONELEIGH PARTNERS ACQUISITION CORP. (“COMPANY”) OF A MERGER, CAPITAL STOCK
      EXCHANGE, ASSET ACQUISITION OR OTHER SIMILAR BUSINESS COMBINATION (“BUSINESS
      COMBINATION”) (AS DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT
      (DEFINED HEREIN)) OR (II) ______________, 2008. VOID AFTER 5:00 P.M. EASTERN
      TIME, _________, 2012.

     

     

    UNIT
      PURCHASE OPTION 

    

    For
      the Purchase of 

    

    ______
      Series A Units

    and/or

    ______
      Series B Units

    

    of

    

    STONELEIGH
      PARTNERS ACQUISITION CORP.

     

    1. Purchase
      Option. 

     

      THIS
        CERTIFIES THAT, in consideration of $100 duly paid by or on behalf of
        HCFP/Brenner Securities LLC (“Holder”), as registered owner of this Purchase
        Option, to Stoneleigh Partners Acquisition Corp. (“Company”), Holder is
        entitled, at any time or from time to time upon the later of the consummation
        of
        a Business Combination or __________, 2008 (“Commencement Date”), and at or
        before 5:00 p.m., Eastern Time, ___________, 2012 (“Expiration Date”), but not
        thereafter, to subscribe for, purchase and receive, in whole or in part,
        up to
        ____________ (______) Series A Units (“Series A Units”) of the Company and/or
        _________________ (_______) Series B Units (“Series B Units” and together with
        the Series A Units, the “Units”). Each Series A Unit consists of four shares of
        common stock of the Company, par value $.0001 per share (“Common Stock”), and
        four Class Z Warrants (“Class Z Warrants”). Each Series B Unit consists of four
        shares of Class B common stock of the Company, par value $.0001 per share
        (“Class B Common Stock”) and two Class W Warrants (“Class W Warrants” and
        together with the Class Z Warrants, the “Warrants”). Each Warrant is the same as
        the warrants (“Public Warrants”) included in the Units being offered for sale to
        the public (“Offering”) by way of a registration statement (“Registration
        Statement”), except that the Warrants have an exercise price of $____ per share
        and the Warrants included in this Purchase Option expire five years from
        the
        effective date (“Effective Date”) 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 may be exercised on the next succeeding
        day
        which is not such a day in accordance with the terms herein. During the period
        ending on the Expiration Date, the Company agrees not to take any action
        that
        would terminate the Purchase Option. This Purchase Option is initially
        exercisable at $________ per Series A Unit and $_______ per Series B Unit
        so
        purchased; provided, however, that upon the occurrence of any of the events
        specified in Section 6 hereof, the rights granted by this Purchase Option,
        including the exercise price per Unit and the number of Units (and shares
        of
        Common Stock and Warrants) to be received upon such exercise, shall be adjusted
        as therein specified. The term “Exercise Price” shall
        mean
        the initial exercise price or the adjusted exercise price, depending on the
        context.

     

    
      
        
        

      

      
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    2. Exercise.

     

    2.1 Exercise
      Form.
      In
      order to exercise this Purchase Option, the exercise form attached hereto must
      be duly executed and completed and delivered to the Company, together with
      this
      Purchase Option and payment of the Exercise Price for the Units being purchased
      payable in cash or by certified check or official bank check. If the
      subscription rights represented hereby shall not be exercised at or before
      5:00
      p.m., Eastern time, on the Expiration Date this Purchase Option shall become
      and
      be void without further force or effect, and all rights represented hereby
      shall
      cease and expire.

     

    2.2 Legend.
      Each
      certificate for the securities purchased under this Purchase Option shall bear
      a
      legend as follows unless such securities have been registered under the
      Securities Act of 1933, as amended (“Act”):

     

     

    “The
      securities represented by this certificate have not been registered under the
      Securities Act of 1933, as amended (“Act”) or applicable state law. The
      securities may not be offered for sale, sold or otherwise transferred except
      pursuant to an effective registration statement under the Act, or pursuant
      to an
      exemption from registration under the Act and applicable state
      law.”

     

    2.3 Cashless
      Exercise.

     

    2.3.1 Determination
      of Amount.
      In lieu
      of the payment of the Exercise Price multiplied by the number of Units for
      which
      this Purchase Option is exercisable (and in lieu of being entitled to receive
      Common Stock and Warrants) in the manner required by Section 2.1, the
      Holder shall have the right (but not the obligation) to convert any exercisable
      but unexercised portion of this Purchase Option into Units (“Conversion Right”)
      as follows: upon exercise of the Conversion Right, the Company shall deliver
      to
      the Holder (without payment by the Holder of any of the Exercise Price in cash)
      that number of shares of Common Stock and Warrants comprising that number of
      Units equal to the quotient obtained by dividing (x) the “Value” (as defined
      below) of the portion of the Purchase Option being converted by (y) the Current
      Market Value (as defined below). The “Value” of the portion of the Purchase
      Option being converted shall equal the 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 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 the remainder derived from subtracting (x) the
      exercise price of the Warrants multiplied by the number of shares of Common
      Stock issuable upon exercise of the Warrants underlying one Unit from (y) the
      Current Market Price of the Common Stock multiplied by the number of shares
      of
      Common Stock underlying the Warrants and the Common Stock issuable upon exercise
      of one Unit. The “Current Market Price” of a share of Common Stock shall mean
      (i) if the Common Stock is listed on a national securities exchange or quoted
      on
      the Nasdaq National Market, Nasdaq SmallCap Market or NASD OTC Bulletin Board
      (or successor such as the Bulletin Board Exchange), the last sale price of
      the
      Common Stock in the principal trading market for the Common Stock as reported
      by
      the exchange, Nasdaq or the NASD, as the case may be; (ii) if the Common Stock
      is not listed on a national securities exchange or quoted on the Nasdaq National
      Market, Nasdaq SmallCap Market or the NASD OTC Bulletin Board (or successor
      such
      as the Bulletin Board Exchange), but is traded in the residual over-the-counter
      market, the closing bid price for the Common Stock on the last trading day
      preceding the date in question for which such quotations are reported by the
      Pink Sheets, LLC or similar publisher of such quotations; and (iii) if the
      fair
      market value of the Common Stock cannot be determined pursuant to clause (i)
      or
      (ii) above, such price as the Board of Directors of the Company shall determine,
      in good faith.

     

    
      
        
        

      

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

     

    
      2.4 
        No Obligation to Net Cash Settle. Notwithstanding anything to the
        contrary contained in this Purchase Option, in no event will the Company
        be
        required to net cash settle the exercise of the Purchase Option or the Warrants
        underlying the Purchase Option. The holder of the Purchase Option and the
        Warrants underlying the Purchase Option will not be entitled to exercise
        the
        Purchase Option or the Warrants underlying such Purchase Option unless a
        registration statement is effective, or an exemption from the registration
        requirements is available at such time and, if the holder is not able to
        exercise the Purchase Option or underlying Warrants, the Purchase Option
        and/or
        the underlying Warrants, as applicable, will expire
        worthless.

    

     

    3. Transfer.
      

     

    3.1 General
      Restrictions.
      The
      registered Holder of this Purchase Option, by its acceptance hereof, agrees
      that
      it will not sell, transfer, assign, pledge or hypothecate this Purchase Option
      for a period of one year following the Effective Date to anyone other than
      (i)
      Brenner or an underwriter or a selected dealer in connection with the Offering,
      or (ii) a bona fide officer or partner of Brenner or of any such underwriter
      or
      selected dealer. On and after the first anniversary of the Effective Date,
      transfers to others may be made subject to compliance with or exemptions from
      applicable securities laws. In order to make any permitted assignment, the
      Holder must deliver to the Company the assignment form attached hereto duly
      executed and completed, together with the Purchase Option and payment of all
      transfer taxes, if any, payable in connection therewith. The Company shall
      within five business days transfer this Purchase Option on the books of the
      Company and shall execute and deliver a new Purchase Option or Purchase Options
      of like tenor to the appropriate assignee(s) expressly evidencing the right
      to
      purchase the aggregate number of Units purchasable hereunder or such portion
      of
      such number as shall be contemplated by any such assignment.

     

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

     

    4. New
      Purchase Options to be Issued.

     

    4.1 Partial
      Exercise or Transfer.
      Subject
      to the restrictions in Section 3 hereof, this Purchase Option may be exercised
      or assigned in whole or in part. In the event of the exercise or assignment
      hereof in part only, upon surrender of this Purchase Option for cancellation,
      together with the duly executed exercise or assignment form and funds sufficient
      to pay any Exercise Price and/or transfer tax, the Company shall cause to be
      delivered to the Holder without charge a new Purchase Option of like tenor
      to
      this Purchase Option in the name of the Holder evidencing the right of the
      Holder to purchase the number of Units purchasable hereunder as to which this
      Purchase Option has not been exercised or assigned.

     

    
      
        
        

      

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

     

    5. Registration
      Rights. 

     

    5.1 Demand
      Registration.
      

     

    5.1.1 Grant
      of Right.
      The
      Company, upon written demand (“Initial Demand Notice”) of the Holder(s) of at
      least 51% of the Purchase Options and/or the underlying Units and/or the
      underlying securities (“Majority Holders”), agrees to use its best efforts to
      register on one occasion, all or any portion of the Purchase Options requested
      by the Majority Holders in the Initial Demand Notice and all of the securities
      underlying such Purchase Options, including the Units, Common Stock, the
      Warrants and the Common Stock underlying the Warrants (collectively, the
“Registrable Securities”). On such occasion, the Company will use its best
      efforts to file a registration statement or a post-effective amendment to the
      Registration Statement covering the Registrable Securities within sixty days
      after receipt of the Initial Demand Notice and use its best efforts to have
      such
      registration statement or post-effective amendment declared effective as soon
      as
      possible thereafter. The demand for registration may be made at any time during
      a period of five years beginning on the Effective Date. The Company covenants
      and agrees to give written notice of its receipt of any Initial Demand Notice
      by
      any Holder(s) to all other registered Holders of the Purchase Options and/or
      the
      Registrable Securities within ten days from the date of the receipt of any
      such
      Initial Demand Notice.

     

    5.1.2 Terms.
      The
      Company shall bear all fees and expenses attendant to registering the
      Registrable Securities, including the expenses of any legal counsel selected
      by
      the Holders to represent them in connection with the sale 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 use its best efforts to 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 nine
      consecutive months from the effective date of such registration statement or
      post-effective amendment.

     

    5.2 “Piggy-Back”
      Registration.
      

     

    5.2.1 Grant
      of Right.
      In
      addition to the demand right of registration, the Holders of the Purchase
      Options shall have the right for a period of eight years commencing on the
      Effective Date, to include the Registrable Securities as part of any other
      registration of securities filed by the Company (other than in connection with
      a
      transaction contemplated by Rule 145(a) promulgated under the Act or pursuant
      to
      Form S-8); provided, however, that if, in the written opinion of the Company’s
      managing underwriter or underwriters, if any, for such offering, the inclusion
      of the Registrable Securities, when added to the securities being registered
      by
      the Company or the selling stockholder(s), will exceed the maximum amount of
      the
      Company’s securities which can be marketed (i) at a price reasonably
      related to their then current market value, and (ii) without materially and
      adversely affecting the entire offering, then the Company will still be required
      to include the Registrable Securities, but may require the Holders to agree,
      in
      writing, to delay the sale of all or any portion of the Registrable Securities
      for a period of 90 days from the effective date of the offering, provided,
      further, that if the sale of any Registrable Securities is so delayed, then
      the
      number of securities to be sold by all stockholders in such public offering
      during such 90 day period shall be apportioned pro rata
      among
      all such selling stockholders, including all holders of the Registrable
      Securities, according to the total amount of securities of the Company owned
      by
      said selling stockholders, including all holders of the Registrable
      Securities.

     

    
      
        
        

      

      
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    5.2.2 Terms.
      The
      Company shall bear all fees and expenses attendant to registering the
      Registrable Securities, including the expenses of any legal counsel selected
      by
      the Holders to represent them in connection with the sale 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 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 use its best efforts to 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.

     

    [Intentionally
      Omitted.]

     

    5.4 General
      Terms.
      

     

    5.4.1 Indemnification.
      The
      Company shall indemnify the Holder(s) of the Registrable Securities to be sold
      pursuant to any registration statement hereunder and each person, if any, who
      controls such Holders within the meaning of Section 15 of the Act or Section
      20(a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”),
      against all loss, claim, damage, expense or liability (including all reasonable
      attorneys’ fees and other expenses reasonably incurred in investigating,
      preparing or defending against litigation, commenced or threatened, or any
      claim
      whatsoever whether arising out of any action between the Underwriter and the
      Company or between the Underwriter and any third party or otherwise) to which
      any of them may become subject under the Act, the Exchange Act or otherwise,
      arising from such registration statement but only to the same extent and with
      the same effect as the provisions pursuant to which the Company has agreed
      to
      indemnify the Underwriters contained in Section 5 of the Underwriting Agreement
      between the Company, Brenner and the other Underwriters named therein dated
      the
      Effective Date. The Holder(s) of the Registrable Securities to be sold pursuant
      to such registration statement, and their successors and assigns, shall
      severally, and not jointly, indemnify the Company, its officers and directors
      and each person, if any, who controls the Company within the meaning of Section
      15 of the Act or Section 20(a) of the Exchange Act, against all loss, claim,
      damage, expense or liability (including all reasonable attorneys’ fees and other
      expenses reasonably incurred in investigating, preparing or defending against
      any claim whatsoever) to which they may become subject under the Act, the
      Exchange Act or otherwise, arising from information furnished by or on behalf
      of
      such Holders, or their successors or assigns, in writing, for specific inclusion
      in such registration statement to the same extent and with the same effect
      as
      the provisions contained in Section 5 of the Underwriting Agreement pursuant
      to
      which the Underwriters have agreed to indemnify the Company.

     

    
      
        
        

      

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

     

    5.4.3 Documents
      Delivered to Holders.
      In
      connection with an underwritten public offering, the Company shall furnish
      Brenner, as representative of the Holders participating in such offering, a
      signed counterpart, addressed to the participating Holders, of (i) any opinion
      of counsel to the Company delivered to the managing underwriters and (ii) any
      “cold comfort” letter signed by the independent public accountants who have
      issued a report on the Company’s financial statements included in such
      registration statement, delivered to the managing underwriters. The Company
      shall also deliver promptly to Brenner, 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
      Brenner, as representative of the Holders, to do such investigation, upon
      reasonable advance notice, with respect to information contained in or omitted
      from the registration statement as it deems reasonably necessary to comply
      with
      applicable securities laws or rules of the National Association of Securities
      Dealers, Inc. (“NASD”). Such investigation shall include access to books,
      records and properties and opportunities to discuss the business of the Company
      with its officers and independent auditors, all to such reasonable extent and
      at
      such reasonable times and as often as Brenner, as representative of the Holders,
      shall reasonably request. The Company shall not be required to disclose any
      confidential information or other records to Brenner, as representative of
      the
      Holders, or to any other person, until and unless such persons shall have
      entered into reasonable confidentiality agreements (in form and substance
      reasonably satisfactory to the Company), with the Company with respect
      thereto.

     

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

     

    5.4.5 Rule
      144 Sale.
      Notwithstanding anything contained in this Section 5 to the contrary, the
      Company shall have no obligation pursuant to Section 5.1 or 5.2  to use its
      best efforts to obtain 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 then held by such Holder, and (ii) where the number
      of Registrable Securities held by such Holder is within the volume limitations
      under paragraph (e) of Rule 144 (calculated as if such Holder were an
      affiliate within the meaning of Rule 144) and the Holder is not an
      affiliate (as defined in Rule 144(a)) of the Company.

     

    
      
        
        

      

      
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    5.4.6 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.

     

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

     

    6. Adjustments.

     

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

     

    6.1.1 Stock
      Dividends - Split-Ups.
      If
      after the date hereof, and subject to the provisions of Section 6.4 below,
      the
      number of outstanding shares of Common Stock is increased by a stock dividend
      payable in shares of Common Stock or by a split-up of shares of Common Stock
      or
      other similar event, then, on the effective date thereof, the number of shares
      of Common Stock underlying each of the Units purchasable hereunder shall be
      increased in proportion to such increase in outstanding shares. In such case,
      the number of shares of Common Stock, and
      the exercise price applicable thereto, underlying
      the Warrants underlying each of the Units purchasable hereunder shall be
      adjusted in accordance with the terms of the Warrants. 

     

    6.1.2 Aggregation
      of Shares.
      If
      after the date hereof, and subject to the provisions of Section 6.4, the number
      of outstanding shares of Common Stock is decreased by a consolidation,
      combination or reclassification of shares of Common Stock or other similar
      event, then, on the effective date thereof, the number of shares of Common
      Stock
      underlying each of the Units purchasable hereunder shall be decreased in
      proportion to such decrease in outstanding shares. In such case, the number
      of
      shares of Common Stock, and the exercise price applicable thereto, underlying
      the Warrants underlying each of the Units purchasable hereunder shall be
      adjusted in accordance with the terms of the Warrants.

     

    
      
        
        

      

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

     

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

     

    6.2 [Intentionally
      Omitted]

     

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

     

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

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

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

     

    8. Certain
      Notice Requirements.

     

    8.1 Holder’s
      Right to Receive Notice.
      Nothing
      herein shall be construed as conferring upon the 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
      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 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 in
      connection with one or more of the following events: (i) if the Company shall
      take a record of the holders of its shares of Common Stock for the purpose
      of
      entitling them to receive a dividend or distribution payable otherwise than
      in
      cash, or a cash dividend or distribution payable otherwise than out of retained
      earnings, as indicated by the accounting treatment of such dividend or
      distribution on the books of the Company, or (ii) the Company shall offer to
      all
      the holders of its Common Stock any additional shares of capital stock of the
      Company or securities convertible into or exchangeable for shares of capital
      stock of the Company, or any option, right or warrant to subscribe therefor,
      or
      (iii) a dissolution, liquidation or winding up of the Company (other than in
      connection with a consolidation or merger) or a sale of all or substantially
      all
      of its property, assets and business shall be proposed.

     

    8.3 Notice
      of Change in Exercise Price.
      The
      Company shall, promptly after an event requiring a change in the Exercise Price
      pursuant to Section 6 hereof, send notice to the Holders of such event and
      change (“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.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

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

     

    Stoneleigh
      Partners Acquisition Corp.

    555
      Fifth
      Avenue

    New
      York,
      New York 10017

    Attn: 
      Chief
      Financial Officer

     

    9. Miscellaneous.

     

    9.1 Amendments.
      The
      Company and Brenner 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 Brenner may deem necessary or desirable and that the Company and Brenner
      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.

     

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

     

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

     

    10.2 Governing
      Law; Submission to Jurisdiction.
      This
      Purchase Option shall be governed by and construed and enforced in accordance
      with 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 Purchase Option shall be brought
      and enforced in the courts of the State of New York or of the United States
      of
      America for the Southern District of New York, and irrevocably submits to such
      jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives
      any objection to such exclusive jurisdiction and that such courts represent
      an
      inconvenient forum. Any process or summons to be served upon the Company may
      be
      served by transmitting a copy thereof by registered or certified mail, return
      receipt requested, postage prepaid, addressed to it at the address set forth
      in
      Section 8 hereof. Such mailing shall be deemed personal service and shall be
      legal and binding upon the Company in any action, proceeding or claim. The
      Company and the Holder agree that the prevailing party(ies) in any such action
      shall be entitled to recover from the other party(ies) all of its reasonable
      attorneys’ fees and expenses relating to such action or proceeding and/or
      incurred in connection with the preparation therefor.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

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

     

    10.4 Execution
      in Counterparts.
      This
      Purchase Option may be executed in one or more counterparts, and by the
      different parties hereto in separate counterparts, each of which shall be deemed
      to be an original, but all of which taken together shall constitute one and
      the
      same agreement, and shall become effective when one or more counterparts has
      been signed by each of the parties hereto and delivered to each of the other
      parties hereto.

     

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

     

    10.6 Cancellation
      or Conversion of Class B Common Stock.
      At any
      time after the consummation of a Business Combination thereby causing such
      Class
      B Common Stock to be cancelled or converted pursuant to the terms of the
      Company’s Certificate of Incorporation, the rights of the Holder to exercise
      this Purchase Option and obtain shares of Class B Common Stock underlying Series
      B Units shall automatically be converted into the right to obtain the same
      number of shares of Common Stock as the number of shares of Class B Common
      Stock
      as such holder would have been entitled to obtain upon exercise of this Purchase
      Option. 

     

      10.7 Underlying
        Warrants.
        At any
        time after exercise by the Holder of this Purchase Option, the Holder may
        exchange his Class W Warrants (with a $_____ exercise price) for Class W
        Public
        Warrants (with a $1.75 exercise price) or Class Z Warrants (with a $_____
        exercise price) for Class Z Public Warrants (with a $1.50 exercise price)
        upon
        payment to the Company of the difference between the exercise price of his
        Warrant and the exercise price of the Public Warrants.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Company has caused this Purchase Option to be signed by
      its
      duly authorized officer as of the ___ day of ________, 2007.

     

    

    STONELEIGH
      PARTNERS ACQUISITION
      CORP.

     

    By:_________________________________

    Name:

    Title:

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    Form
      to
      be used to exercise Purchase Option:

    

    Stoneleigh
      Partners Acquisition Corp.

    

    

    Date:_________________,
      20___

    

    The
      undersigned hereby elects irrevocably to exercise all or a portion of the within
      Purchase Option and to purchase ____ Series __ Units of Stoneleigh Partners
      Acquisition Corp. and hereby makes payment of $____________ (at the rate of
      $_________ per Series __ Unit) in payment of the Exercise Price pursuant
      thereto. Please issue the [Common Stock and Class Z Warrants] [Class B Common
      Stock and Class W 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 _________
      Series __ 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 “Current Market Price” of $_______). Please issue the
      securities comprising the Series __ 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.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

    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 __________ Series __ Units of Stoneleigh Partners Acquisition Corp.
      (“Company”) evidenced by the within Purchase Option and does hereby authorize
      the Company to transfer such right on the books of the Company.

    

    Dated:___________________,
      20__

    

    

    ______________________________

    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.

     

    
      
        
        

      

      14Unassociated Document

    EXHIBIT
      4.8

     

    WARRANT
      AGREEMENT

     

    Agreement
      made as of __________, 2007 between Stoneleigh Partners Acquisition Corp.,
      a
      Delaware corporation, with offices at c/o PLM International, Inc., 555 Fifth
      Avenue, New York, New York 10017 (“Company”), and Continental Stock Transfer
& Trust Company, a New York corporation, with offices at 17 Battery Place,
      New York, New York 10004 (“Warrant Agent”).

     

      WHEREAS,
        the Company has heretofore sold and delivered to its initial security holders,
        including its officers and directors (collectively, “Insiders”), an aggregate of
        (i) 15,500,000 Class W Warrants (“Class W Warrants”), each such Class W Warrant
        evidencing the right of the holder thereof to purchase one share of the
        Company’s common stock, par value $0.0001 per share (“Common Stock”), for $1.75
        subject to adjustment as described herein, and (ii) 15,500,000 Class Z
        Warrants (“Class Z Warrants”), each such Class Z Warrant evidencing the right of
        the holder thereof to purchase one share of Common Stock for $1.50, subject
        to
        adjustment as described herein (the Class W Warrants and the Class Z Warrants
        sold to the Insiders being hereinafter referred to, collectively, as “Insiders’
Warrants”); and

     

    WHEREAS,
      the Company is engaged in a public offering (“Public Offering”) of Units
      (“Units”) and, in connection therewith, has determined to issue and deliver up
      to (i) 43,700,000 Class W Warrants and 5,750,000 Class Z Warrants (collectively,
      “Public Warrants”) to the public investors, and (ii) 1,900,000 Class W
      Warrants and 250,000 Class Z Warrants to HCFP/Brenner Securities LLC (“Brenner”)
      or its designees (“Representative’s Warrants” and, collectively with the
      Insiders’ Warrants and the Public Warrants, the “Warrants”); and

     

    WHEREAS,
      the Company has filed with the Securities and Exchange Commission a Registration
      Statement, No. 333-133235 on Form S-1 (“Registration Statement”) for the
      registration, under the Securities Act of 1933, as amended (“Act”) of, among
      other securities, the Warrants and the Common Stock issuable upon exercise
      of
      the Warrants; and

     

    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 and exercise of the Warrants;
      and

     

    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 which 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 for
      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
      respective forms of Exhibits A and B hereto, the provisions of which are
      incorporated herein and shall be signed by, or bear the facsimile signature
      of,
      the Chairman of the Board or President and Treasurer, Secretary or Assistant
      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.

     

    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 Registration.
      

     

    2.3.1 Warrant
      Register.
      The
      Warrant Agent shall maintain books (“Warrant Register”), for the 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.

     

    2.3.2 Registered
      Holder.
      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 (“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.

     

    2.4 Detachability
      of Warrants.
      The
      securities comprising the Units will not be separately transferable until 90
      days after the date hereof unless Brenner informs the Company of its decision
      to
      allow earlier separate trading, but in no event will Brenner allow separate
      trading of the securities comprising the Units until the Company files a Current
      Report on Form 8-K which 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 8-K.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    2.5 Warrant
      Attributes.
      The
      Insiders’ Warrants, the Public Warrants and the Representative’s Warrants shall
      have the same terms except with respect to the Warrant Price and Exercise Period
      as set forth below in Sections 3.1 and 3.2.

     

    3. Terms
      and Exercise of Warrants.

     

    3.1 Warrant
      Price.
      Each
      Insiders’ Warrant and Public Warrant shall, when countersigned by the Warrant
      Agent, entitle the registered holder thereof, subject to the provisions of
      such
      Insiders’ Warrant and Public Warrant, as applicable, and of this Warrant
      Agreement, to purchase from the Company the number of shares of Common Stock
      stated therein, at the price of $1.75 per whole share of a Class W Warrant,
      or
      $1.50 per whole share of a Class Z Warrant, in each case, subject to the
      adjustments provided in Section 4 hereof and in the last sentence of this
      Section 3.1. Each Representative’s Warrant shall, when countersigned by the
      Warrant Agent, entitle the registered holder thereof, subject to the provisions
      of such Representative’s Warrant and of this Warrant Agreement, to purchase from
      the Company the number of shares of Common Stock stated therein, at the price
      of
      $____ per whole share of a Class W Warrant, or $____ per whole share of a Class
      Z Warrant, in each case, subject to the adjustments provided in Section 4
      hereof. The
      term
“Warrant Price” as used in this Warrant Agreement refers to the price per share
      at which Common Stock 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.
      

     

    3.2.1 A
      Class W
      Warrant or Class Z 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, asset acquisition or other similar business combination
      (“Business Combination”) (as described more fully in the Company’s Registration
      Statement) and _______________ 2008. Each Insiders’ Warrant and Public Warrant
      shall terminate at 5:00 p.m., New York City time, on the earlier to occur of
      (i)
      _________ 2015, or (ii) the date fixed for redemption of the Warrants as
      provided in Section 6 of this Agreement (“Expiration Date”). Each
      Representative’s Warrant shall terminate 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.

     

    3.2.2 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.

     

    3.3.1 Payment.
      Subject
      to the provisions of the Warrant and this Warrant Agreement, including Section
      3.3.2, a Warrant, when countersigned by the Warrant Agent, may be exercised
      by
      the registered holder thereof by surrendering it, at the office of the Warrant
      Agent, or at the office of its successor as Warrant Agent, in the Borough of
      Manhattan, City and State of New York, with the subscription form, as set forth
      in the Warrant, duly executed, and by paying in full, in lawful money of the
      United States, in cash, good certified check or good bank draft payable to
      the
      order of the Company (or as otherwise agreed to by the Company), the Warrant
      Price for each full share of Common Stock as to which the Warrant is exercised
      and any and all applicable taxes due in connection with the exercise of the
      Warrant, the exchange of the Warrant for the Common Stock, and the issuance
      of
      the Common Stock.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    3.3.2 Issuance
      of Certificates.
      As soon
      as practicable after the exercise of any Warrant and the clearance of the funds
      in payment of the Warrant Price, the Company shall issue to the registered
      holder of such Warrant a certificate or certificates for the number of full
      shares of Common Stock to which he is entitled, registered in such name or
      names
      as may be directed by him, her or it, and if such Warrant shall not have been
      exercised in full, a new countersigned Warrant for the number of shares as
      to
      which such Warrant shall not have been exercised. Notwithstanding the foregoing,
      the Company shall not be obligated to deliver any securities pursuant to the
      exercise of a Public Warrants or a Representative’s Warrant and shall have no
      obligation to settle the Warrant exercise unless a registration statement under
      the Act with respect to the Common Stock is effective subject to the Company
      satisfying its obligations under Section 7.4 to use its best efforts. In the
      event that a Registration Statement with respect to the Common Stock underlying
      a Public Warrant or a Representative’s Warrant is not effective under the Act,
      the holder of such Public Warrants or Representative Warrant shall not be
      entitled to exercise such Warrant and such Warrant may have no value and expire
      worthless. In no event will the Company be required to net cash settle the
      Warrant exercise. Public Warrants and Representative’s Warrants may not be
      exercised by, or securities issued to, any registered holder in any state in
      which such exercise would be unlawful. The shares of Common Stock issuable
      upon
      exercise of Insiders’ Warrants shall be unregistered shares. In the event that a
      registration statement is not effective for the exercised Public Warrants and
      Representative’s Warrants, the purchaser of a unit containing such Warrant, will
      have paid the full purchase price for the unit solely for the shares
      included in such unit.

     

    3.3.3 Valid
      Issuance.
      All
      shares of Common Stock issued upon the proper exercise of a Warrant in
      conformity with this Agreement shall be validly issued, fully paid and
      nonassessable.

     

    3.3.4 Date
      of Issuance.
      Each
      person in whose name any such certificate for shares of Common Stock 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 shares at the close of business on
      the
      next succeeding date on which the stock transfer books are open.

     

    3.3.5 Warrant
      Solicitation and Warrant Solicitation Fee.
      

     

    (a) The
      Company has engaged Brenner, on a non-exclusive basis, as its agent for the
      solicitation of the exercise of the Warrants. The Company, at its cost, will
      (i)
      assist Brenner with respect to such solicitation, if requested by Brenner,
      and
      (ii) provide Brenner, and direct the Company’s transfer agent and the Warrant
      Agent to deliver to Brenner, lists of the record and, to the extent known,
      beneficial owners of the Company’s Warrants. The Company hereby instructs the
      Warrant Agent to cooperate with Brenner in every respect in connection with
      Brenner’s solicitation activities, including, but not limited to, providing to
      Brenner, at the Company’s cost, a list of record and beneficial holders of the
      Warrants and circulating a prospectus or offering circular disclosing the
      compensation arrangements referenced in Section 3.3.5(b) below to holders of
      the
      Warrants at the time of exercise of the Warrants. In addition to the conditions
      set forth in Section 3.3.5(b), Brenner shall accept payment of the warrant
      solicitation fee provided in Section 3.3.5(b) only if it has provided bona
      fide services to the Company in connection with the exercise of the Warrants
      and
      only to the extent that an investor who exercises his Warrants specifically
      designates, in writing, that Brenner solicited his exercise. In addition to
      soliciting, either orally or in writing, the exercise of Warrants by a Warrant
      holder, such services may also include disseminating information, either orally
      or in writing, to Warrant holders about the Company or the market for the
      Company’s securities, or assisting in the processing of the exercise of
      Warrants.

     

    
      
        
        

      

      
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    (b) In
      each
      instance in which a Warrant is exercised, the Warrant Agent shall promptly
      give
      written notice of such exercise to the Company and Brenner (“Warrant Agent’s
      Exercise Notice”). If, upon the exercise of any Warrant more than one year from
      the effective date of the Registration Statement, (i) the market price of
      the Company’s Common Stock is greater than the Warrant Price, (ii) disclosure of
      compensation arrangements between the Company and Brenner with respect to the
      solicitation of the exercise of the Warrants was made both at the time of the
      Public Offering and at the time of exercise (by delivery of the Prospectus
      or as
      otherwise required by applicable law, rule or regulation), (iii) the holder
      of
      the Warrant confirms in writing that the exercise of the Warrant was solicited
      by Brenner, (iv) the Warrant was not held in a discretionary account, and (v)
      the solicitation of the exercise of the Warrant was not in violation of
      Regulation M (as such rule or any successor rule may be in effect as of such
      time of exercise) promulgated under the Securities Exchange Act of 1934, as
      amended, then the Warrant Agent, simultaneously with the distribution of the
      Common Stock underlying the Warrants so exercised in accordance with the
      instructions from the Company following receipt of the proceeds to the Company
      received upon exercise of such Warrant(s), shall, on behalf of the Company,
      pay
      a fee of 5% of the Warrant Price to Brenner, provided that Brenner delivers
      to
      the Warrant Agent within ten (10) business days from the date on which Brenner
      has received the Warrant Agent’s Exercise Notice, a certificate that the
      conditions set forth in the preceding clauses (iii), (iv) and (v) have been
      satisfied. Notwithstanding the foregoing, no fee will be paid to Brenner with
      respect to the exercise by the Underwriters or their affiliates or the Company’s
      officers or directors of Warrants purchased by it or them upon exercise of
      the
      Representative’s Warrants and still held by any of the Underwriters or them for
      its or their own account. Brenner and the Company may at any time during
      business hours, examine the records of the Warrant Agent, including its ledger
      of original Warrant certificates returned to the Warrant Agent upon exercise
      of
      Warrants. 

     

    (c) The
      provisions of this Section 3.3.5. may not be modified, amended or deleted
      without the prior written consent of Brenner.

     

    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 shares of Common Stock is increased by a stock dividend
      payable in shares of Common Stock, or by a split-up of shares of Common Stock,
      or other similar event, then, on the effective date of such stock dividend,
      split-up or similar event, the number of shares of Common Stock issuable on
      exercise of each Warrant shall be increased in proportion to such increase
      in
      outstanding shares of Common Stock.

     

    
      
        
        

      

      
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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 shares of Common Stock is decreased by a consolidation,
      combination, reverse stock split or reclassification of shares of Common Stock
      or other similar event, then, on the effective date of such consolidation,
      combination, reverse stock split, reclassification or similar event, the number
      of shares of Common Stock issuable on exercise of each Warrant shall be
      decreased in proportion to such decrease in outstanding shares of Common
      Stock.

     

    4.3 Adjustments
      in Exercise Price.
      Whenever the number of shares of Common Stock 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 shares of Common Stock purchasable upon the exercise
      of
      the Warrants immediately prior to such adjustment, and (y) the denominator
      of
      which shall be the number of shares of Common Stock so purchasable immediately
      thereafter.

     

    4.4 Replacement
      of Securities upon Reorganization, etc.
      In case
      of any reclassification or reorganization of the outstanding shares of Common
      Stock (other than a change covered by Section 4.1 or 4.2 hereof or that
      solely affects the par value of such shares of Common Stock), or in the case
      of
      any merger or consolidation of the Company with or into another corporation
      (other than a consolidation or merger in which the Company is the continuing
      corporation and that does not result in any reclassification or reorganization
      of the outstanding shares of Common Stock), or in the case of any sale or
      conveyance to another corporation or entity of the 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 shares of Common Stock 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 shares
      of
      Common Stock 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 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 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.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    4.6 No
      Fractional Shares.
      Notwithstanding any provision contained in this Warrant Agreement to the
      contrary, the Company shall not issue fractional 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 a share, the Company shall, upon such
      exercise, round up to the nearest whole number the number of the shares of
      Common Stock to be issued to the Warrant holder.

     

    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 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 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.

     

    5.2 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 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.

     

    5.3 Fractional
      Warrants.
      The
      Warrant Agent shall not be required to effect any registration of transfer
      or
      exchange which will result in the issuance of a warrant certificate for a
      fraction of a warrant.

     

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

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    5.5 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, the Class W Warrants and/or Class Z Warrants may be
      redeemed, at the option of the Company and with Brenner’s consent, in whole or
      in part, at any time after they become exercisable 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 $.05 per Warrant (“Redemption Price”),
      provided that (i) the last sales price of the Common Stock has been at least
      $4.50 per share (subject to adjustment in accordance with Section 4 hereof),
      in
      the case of the Class W Warrants, and $5.25 per share (subject to adjustment
      in
      accordance with Section 4 hereof), in the case of the Class Z Warrants, as
      applicable, on any twenty (20) trading days within any thirty (30) trading
      day
      period ending on the third business day prior to the date on which notice of
      redemption is given (the "Measurement Period") and (ii) the Warrants and the
      shares of Common Stock underlying the Warrants are covered by a registration
      statement that is effective under the Act on each day commencing on the first
      day of the Measurement Period and ending on the date fixed for redemption.
      In
      the event of a redemption for less than all of the Class W Warrants and/or
      Class
      Z Warrants, warrants shall be redeemed pro rata, with respect to each of the
      Class W Warrants and Class Z Warrants. The provisions of this Section 6.1
      may not be modified, amended or deleted without the prior written consent of
      Brenner. In determining whether to grant consent to any redemption, Brenner
      will
      assess the relative strengths of the securities markets and small capitalization
      companies, in general, and the trading pattern of, and demand for the Company’s
      securities in particular.

     

    6.2 Date
      Fixed for, and Notice of, Redemption.
      In the
      event the Company shall elect to redeem all of the Class W and/or Class Z
      Warrants, as applicable, the Company shall fix a date for the redemption. 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 Class W or Class Z Warrants, as applicable, to be
      redeemed at their last addresses as they shall appear on the registration books.
      Any notice mailed in the manner herein provided shall be conclusively presumed
      to have been duly given whether or not the registered holder received such
      notice.

     

    6.3 Exercise
      After Notice of Redemption.
      The
      Class W or Class Z Warrants, as applicable, may be exercised in accordance
      with
      Section 3 of this Agreement at any time after notice of redemption 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 holders of such Warrants shall have no further rights except to receive,
      upon surrender of the Warrants, the Redemption Price.

     

    6.4 Exclusion
      of Certain Warrants.
      

     

    (a) 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. The provisions of this Section 6.4(a) may not be modified, amended or
      deleted without the prior written consent of Brenner.

     

    
      
        
        

      

      
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    (b) The
      Insider Warrants may not be redeemed by the Company so long as such Insider
      Warrants are held by the Insiders. However, once an Insider transfers his
      Insider Warrants, such Insider 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.

     

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

     

    7.4 Registration
      of Common Stock.
      The
      Company agrees that prior to the commencement of the Exercise Period, it shall
      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 use its best efforts to take
      such
      action as is necessary to qualify for sale, in those states in which the Public
      Warrants and Representative’s Warrants were initially offered by the Company,
      the Common Stock issuable upon exercise of the Public Warrants and
      Representative’s Warrants. In either case, the Company will use its best efforts
      to cause the same to become effective and to maintain the effectiveness of
      such
      registration statement until the expiration of the Public Warrants and
      Representative’s 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 Brenner.

     

    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 shares of Common Stock upon the exercise of Warrants, but the
      Company shall not be obligated to pay any transfer taxes in respect of the
      Warrants or such shares.

     

    
      
        
        

      

      
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    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’ notice in writing 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.

     

    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
      Common Stock 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 such 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.

     

    
      
        
        

      

      
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    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 and other
      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 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
      shares of Common Stock to be issued pursuant to this Agreement or any Warrant
      or
      as to whether any shares of Common Stock 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 Common
      Stock through the exercise of Warrants.

     

    
      
        
        

      

      
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    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:

     

    Stoneleigh
      Partners Acquisition Corp.

    555
      Fifth
      Avenue

    New
      York,
      New York 10017

    Attn: Chief
      Executive Officer

    

    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: Corporate
      Trust Department

    

    with
      a
      copy in each case to:

    

    

    Blank
      Rome LLP

    The
      Chrysler Building

    405
      Lexington Avenue

    New
      York,
      New York 10174

    Attn:
      Robert L. Mittman, Esq.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

    and

    

    Graubard
      Miller

    The
      Chrysler Building

    405
      Lexington Avenue

    New
      York,
      New York 10174

    Attn: David
      Alan Miller, Esq.

    

    and

    

    HCFP/Brenner
      Securities LLC

    888
      Seventh Avenue, 17th
      Floor

    New
      York,
      New York 10106

    Attn: Avi
      Lipsker

    

    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 here-to and the registered
      holders of the Warrants and, for the purposes of Sections 3.3.5, 6.1, 6.4,
      7.4 and 9.2 hereof, Brenner, any right, remedy, or claim under or by reason
      of
      this Warrant Agreement or of any covenant, condition, stipulation, promise,
      or
      agreement hereof. Brenner shall be deemed to be a third-party beneficiary of
      this Agreement with respect to Sections 3.3.5, 6.1, 6.4, 7.4 and 9.2 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 Brenner with respect to the Sections 3.3.5, 6.1, 6.4, 7.4 and 9.2
      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.

     

    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.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

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

     

    
      	
              ATTEST:

               

              ________________________________________

            	
              STONELEIGH
                PARTNERS ACQUISITION CORP.

               

               

              By:________________________________________

              Name:

              Title:

            
	 	 
	
              ATTEST:

               

              ________________________________________

            	
              CONTINENTAL
                STOCK TRANSFER

                &
                TRUST COMPANY

               

              By:________________________________________

              Name:

              Title:

            
	 	 

    

     

     

    
      
        
        

      

      14

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