Document:

WARRANT
AGREEMENT

    

    Agreement made as of May __, 2010
between 57TH STREET GENERAL ACQUISITION
CORP., a Delaware corporation, with offices at 590 Madison Avenue,
35th
Floor, New York, New York 10022 (the “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 received a
binding commitment from 57th Street GAC Holdings LLC, a limited liability
company, wholly owned by certain officers and directors of the Company (the
“Insiders”), and the underwriters of the Company’s Public Offering (as defined
below) to purchase an aggregate of 3,500,000 warrants (“Insider Warrants”)
simultaneously with the Public Offering pursuant to a Subscription Agreement
dated as of October 30, 2009 (the “Subscription Agreement”); and

    

    WHEREAS, the Company is engaged in a
public offering (“Public Offering”) of units, each unit comprised of one share
of Common Stock (as defined below) and one Public Warrant (as defined below)
(the “Units”) and, in connection therewith, has determined to issue and deliver
(i) up to 5,750,000 Warrants to public investors (“Public Warrants” and,
together with the Insider Warrants, the “Warrants”), each of such Warrants
evidencing the right of the holder thereof to purchase one share of Common Stock
of the Company, par value $.0001 per share (“Common Stock”), for $11.50, subject
to adjustment as described herein; and

    

    WHEREAS, the Company has filed with the
Securities and Exchange Commission a Registration Statement on Form S-1, No.
333-163134 (“Registration Statement”), for the registration, under the
Securities Act of 1933, as amended (“Act”) of, among other securities, the
Warrants and the shares of 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 form of Exhibit A hereto, the provisions of which
are incorporated herein and shall be signed by, or bear the facsimile signature
of, the Chairman of the Board 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.

    
      
         

      

      
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    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 begin to
trade separately on the date that is the fifth business day following the
45th
calendar day following the date of the prospectus pursuant to which the Units
are sold (the “Detachment Date”), or earlier with the consent of Morgan Joseph
& Co. Inc., the representative of the underwriters (“Representative” or
“MJ”) but in no event before: (i) the expiration of the over-allotment option
(the “Over-allotment Option”) granted to MJ, (ii) its exercise in full, or (iii)
or MJ’s notice to the Company of its intention not to exercise all or any
remaining portion of the Over-allotment Option, provided that in no event will
separate trading of the securities comprising the Units commence until (x) the
Company files with the SEC 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 sale of the Private Warrants and the Public Offering, including
the proceeds received by the Company from the exercise of the Over-allotment
Option, if the Over-allotment Option is exercised prior to the filing of the
Form 8-K and (y) the Company issues a press release and files with the SEC a
Current Report on Form 8-K announcing when such separate trading will
begin.

     

    2.5          Warrant
Attributes.

    

    2.5.1      Insider
Warrants.  The Insider Warrants will be issued in the same form
as the Public Warrants but they (i) will not be transferable or salable until 30
days after the Company completes a business transaction, (ii) will be
exercisable on a cashless basis so long as they are held by the Insiders or
their affiliates, (iii) will not be redeemable by the Company so long as they
are held by the Insiders or their affiliates and (iv) may be exercised for
unregistered shares if a registration statement relating to the shares of Common
Stock issuable upon exercise of the Warrants is not effective and current,
subject to Section 3.3.2 (ii) herein.

    
      
         

      

      
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    3.           Terms and Exercise of
Warrants

    

    3.1.         Warrant
Price.  Each Warrant shall, when countersigned by the Warrant
Agent, entitle the registered holder thereof, subject to the provisions of such
Warrant and of this Warrant Agreement, to purchase from the Company the number
of shares of Common Stock stated therein, at the price of $11.50 per whole
share, subject to the adjustments provided in Section 4 hereof and in the last
sentence of this Section 3.1.  The term “Warrant Price” as used in
this Warrant Agreement refers to the price per share at which shares of 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 for a period of not less than twenty business days, provided
that any such reduction shall be identical among all of the
Warrants.

    

    3.2.         Duration of
Warrants.  A Warrant may be exercised only during the period
commencing on the later of: (i) 30 days following the consummation by the
Company of a merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or other similar business transaction with one or more operating
businesses (as described more fully in the Registration Statement, “Business Transaction”), or
(ii) [            ],
2011 (one year from the effective date of the Registration Statement), and
terminating at 5:00 p.m., New York City time on the earlier to occur of (x) five
years from the effective date of the Business Transaction; (ii) upon the
liquidation of the Company ; or (iii) the Redemption Date as provided in Section
6.2 of this Agreement (“Expiration Date”).  Except with respect to the
right to receive the Redemption Price (as set forth in Section 6 hereunder),
each Warrant not exercised on or before the Expiration Date shall become void,
and all rights thereunder and all rights in respect thereof under this Agreement
shall cease at the close of business on the Expiration Date.  The
Company in its sole discretion may extend the duration of the Warrants by
delaying the Expiration Date; provided, however, the Company will provide notice
to registered holders of the Warrants of such extension of not less than 20 days
and, further provided that any such extension shall be identical in duration
among all of the Warrants.
 

    
      
         

      

      
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    3.3.         Exercise of
Warrants.

    

    3.3.1.     Payment.  Subject
to the provisions of the Warrant and this Warrant Agreement,  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 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 shares of Common Stock and the issuance of such
Common Stock, as follows:

    

    (a)         in
lawful money of the United States, in cash, good certified check or good bank
draft payable to the order of Continental Stock Transfer & Trust
Company;

    

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

    

    (c)         with
respect to any Insider Warrants, so long as such Insider Warrants are held by
the Insiders or their affiliates, by surrendering the Warrants for that number
of shares of Common Stock equal to the quotient obtained by dividing (x) the
product of the number of shares of Common Stock underlying the Warrants,
multiplied by the difference between the Warrant Price and the “Fair Market
Value” (defined below) by (y) the Fair Market Value. Solely for purposes of this
Section 3.3.1(c), the “Fair Market Value” shall mean the average reported last
sale price of the Common Stock for the 5 trading days ending on the trading day
prior to the date of exercise.
 

    
      
         

      

      
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    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 (if cash
is paid), the Company shall issue to the registered holder of such Warrant a
certificate or certificates for the number of full shares of shares of Common
Stock to which he, she or it 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 Warrant and shall have no obligation to settle such Warrant
exercise unless:  (i) a registration statement under the Act with
respect to the shares of Common Stock is effective, subject to the Company’s
satisfying its obligations under Section 7.4 or (ii) solely with respect to
Insider Warrants, in the opinion of counsel to the Company, the exercise of the
Insider Warrants is exempt from the registration requirements of the Act and
such securities are qualified for sale or exempt from qualification under
applicable securities laws of the states or other jurisdictions in which the
registered holders reside. In the event that the conditions in clause (i) of the
immediately preceding sentence are not satisfied with respect to a Warrant and,
if such Warrant is an Insider Warrant, the conditions in clause (ii) of the
immediately preceding sentence are not satisfied, the holder of such 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.  Warrants may not be exercised by, or
securities issued to, any registered holder in any state in which such exercise
would be unlawful. In the event that a registration statement is not effective
for the exercised Public Warrants the purchaser of a Unit containing such
Warrants will have paid the full purchase price for the Unit solely for the
shares of Common Stock 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
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 share 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 share transfer books are
open.
 

    
      
         

      

      
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    4.           Adjustments.

    

    
      4.1.        
Stock
Dividends.

    

    

    
      	
               
      

            	
              4.1.1.

            	
              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.

            

    

    

    
      	
               
      

            	
              4.1.2.

            	
              Extraordinary Cash
      Dividends. If the Company, at any time while the Warrants are
      outstanding and unexpired, shall pay a dividend or make a distribution in
      cash, securities or other assets to the holders of Common Stock (or other
      shares of the Company’s capital stock into which the Warrants are
      convertible), other than (a) as described in Section 4.1.1, (b) regular
      quarterly or other periodic dividends, (c) in connection with the
      conversion rights of the holders of Common Stock upon consummation of the
      Company’s initial Business Transaction, or (d) in connection with the
      Company’s liquidation and the distribution of its assets upon its failure
      to consummate a Business Transaction (any such non- excluded event being
      referred to herein as an “Extraordinary
      Dividend”), then the Warrant Price shall be decreased, effective
      immediately after the effective date of such Extraordinary Dividend, by
      the amount of cash and/or the fair market value (as determined by the
      Company’s Board of Directors, in good faith) of any securities or other
      assets paid on each share of Common Stock in respect of such Extraordinary
      Dividend.

            

    

    

    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.

    
      
         

      

      
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    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 4.1.1 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 4.1.1 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; provided, that
(i) if the holders of Common Stock were entitled to exercise a right of
election as to the kind or amount of securities, cash or other assets receivable
upon such consolidation or merger, then the kind and amount of securities, cash
or other assets for which each Warrant shall become exercisable shall be deemed
to be the weighted average of the kind and amount received per share by the
holders of Common Stock in such consolidation or merger that affirmatively make
such election or (ii) if a tender or exchange offer shall have been made to
and accepted by the holders of Common Stock under circumstances in which, upon
completion of such tender or exchange offer, the maker thereof, together with
members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange
Act) of which such maker is a part, and together with any affiliate or associate
of such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any
members of any such group of which any such affiliate or associate is a part,
own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more
than 50% of the outstanding shares of Common Stock, the holder of a Warrant
shall be entitled to receive the highest amount of cash, securities or other
property to which such holder would actually have been entitled as a shareholder
if such Warrant holder had exercised the Warrant prior to the expiration of such
tender or exchange offer, accepted such offer and all of the Common Stock held
by such holder had been purchased pursuant to such tender or exchange offer,
subject to adjustments (from and after the consummation of such tender or
exchange offer) as nearly equivalent as possible to the adjustments provided for
in this Section 4.  If any reclassification or reorganization
also results in a change in shares of Common Stock covered by Section 4.1.1 or
4.2, then such adjustment shall be made pursuant to Sections 4.1.1, 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.

    
      
         

      

      
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    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 each Warrant holder, at the last
address set forth for such holder in the warrant register, of the record date or
the effective date of the event.  Failure to give such notice, or any
defect therein, shall not affect the legality or validity of such
event.

    

    4.6.         No Fractional
Shares.  Notwithstanding any provision contained in this
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.
 

    
      
         

      

      
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    4.7.         Form of
Warrant.  The form of Warrant need not be changed because of
any adjustment pursuant to this Section 4, and Warrants issued after such
adjustment may state the same Warrant Price and the same number of 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.

    
      
         

      

      
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    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.

    

    5.6          Transfer of
Warrants.  Prior to the Detachment Date, the Public Warrants
may be transferred or exchanged only together with the Unit in which such
Warrant is included, and only for the purpose of effecting, or in conjunction
with, a transfer or exchange of such Unit. Furthermore, each transfer of a Unit
on the register relating to such Units shall operate also to transfer the
Warrants included in such Unit. From and after the Detachment Date this Section
5.6 will have no further force and effect.

    

    6.           Redemption.

    

    6.1.         Redemption.  Subject
to Sections 6.4 and 6.5 hereof, not less than all of the outstanding Warrants
may be redeemed, at the option of the Company, at any time while they are
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 $.01 per Warrant
(“Redemption Price”), provided that the last sales price of the Common Stock has
been at least $17.50 per share (subject to adjustment in accordance with Section
4 hereof), on each of 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 provisions of this Section 6.1 may not be
modified, amended or deleted without the prior written consent of
MJ.

    

    6.2.         Date Fixed for, and Notice
of, Redemption.  In the event the Company shall elect to redeem
all of the Warrants, the Company shall fix a date for the redemption (the
“Redemption Date”).  Notice of redemption shall be mailed by first
class mail, postage prepaid, by the Company not less than 30 days prior to the
Redemption Date to the registered holders of the Warrants 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.

    
      
         

      

      
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    6.3.         Exercise After Notice of
Redemption.  The Warrants may be exercised, for cash (or on a
“cashless basis” 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 Redemption Date.  In the event the
Company determines to require all holders of Warrants to exercise their Warrants
on a “cashless basis” pursuant to Section 3, the notice of redemption will
contain the information necessary to calculate the number of shares Common Stock
to be received upon exercise of the Warrants, including the “Fair Market Value”
in such case. On and after the Redemption Date, the record holder of the
Warrants shall have no further rights except to receive, upon surrender of the
Warrants, the Redemption Price.

    

    6.4          Exclusion of Insider
Warrants.  The Company understands that the redemption rights
provided for by this Section 6 do not apply to the Insider Warrants if at the
time of redemption such warrants continue to be held by the initial purchasers
thereof or their permitted assigns.  However, once such Insider
Warrants are transferred other than to any permitted assign, the Company may
redeem the Insider Warrants, provided that the criteria for redemption are met,
including the opportunity of the Warrant holder to exercise prior to redemption
pursuant to Section 6.3.

    

    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.

    
      
         

      

      
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    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 use its best efforts to file with the Securities
and Exchange Commission a post-effective amendment to the Registration
Statement, or a new registration statement, for the registration, under the Act,
of the shares of Common Stock issuable upon exercise of the Warrants, and it
shall use its best efforts to take such action as is necessary to qualify for
sale, in those states in which the Warrants were initially offered by the
Company, the shares of Common Stock issuable upon exercise of the
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 Warrants in accordance with
the provisions of this Agreement.  In addition, the Company agrees to
use its best efforts to register such securities under the blue sky laws of the
states of residence of the exercising warrant holders to the extent an exemption
is not available , subject to the proviso above.  The provisions of
this Section 7.4 may not be modified, amended or deleted without the prior
written consent of MJ.

    

    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.

    

    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.

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    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.

    

    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.

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    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 gross 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 gross 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.

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    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 Common Stock through the exercise of Warrants.

    

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

    

    9.           Miscellaneous
Provisions.

    

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

    

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

    

    57th Street
General Acquisition Corp.

    590
Madison Avenue, 35th Floor

    New York,
New York 10022

    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:

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    Continental
Stock Transfer & Trust Company

    17
Battery Place

    New York,
New York 10004

    Attn:  Compliance
Department

    

    with a
copy in each case to:

    

    Ellenoff
Grossman & Schole LLP

    150 East
42nd
Street

    New York,
NY 10017

    Attn:  Douglas
S. Ellenoff, Esq.

    

    and

    

    Morgan
Joseph and Co., Inc.

    600 Fifth
Avenue, 19th Floor

    New York,
NY 10020-2302

    Attn:  _____________________

    

    and

    

    McDermott
Will & Emery LLP

    340
Madison Avenue

    New York,
NY 10173

    Attn:  Joel
L. Rubinstein, Esq.

    

    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 conflicts of law principles that
would result in the application of the substantive laws of another
jurisdiction.  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.

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    9.4.         Persons Having Rights under
this Agreement.  Nothing in this Agreement expressed and
nothing that may be implied from any of the provisions hereof is intended, or
shall be construed, to confer upon, or give to, any person or corporation other
than the parties hereto and the registered holders of the Warrants and, for the
purposes of Sections 6.1, 7.4 and 9.2 hereof, MJ, any right, remedy, or claim
under or by reason of this Warrant Agreement or of any covenant, condition,
stipulation, promise, or agreement hereof.  MJ shall be deemed to be a
third-party beneficiary of this Agreement with respect to Sections 6.1, 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 MJ with respect to the Sections
6.1, 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 original or facsimile 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.

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    9.8          Amendments.  This
Agreement may be amended by the parties hereto without the consent of any
registered holder for the purpose of curing any ambiguity, or of curing,
correcting or supplementing any defective provision contained herein or adding
or changing any other provisions with respect to matters or questions arising
under this Agreement as the parties may deem necessary or desirable and that the
parties deem shall not adversely affect the interest of the registered
holders.  All other modifications or amendments, including any
amendment to increase the Warrant Price or shorten the Exercise Period, shall
require the written consent of the registered holders of two-thirds (2/3) of the
then outstanding Public Warrants.  Further, the Insiders will not vote
any Warrants owned or controlled by them in favor of such amendment unless the
registered holders of two-thirds (2/3) of the Public Warrants vote in favor of
such amendment.  Notwithstanding the foregoing, the Company may lower
the Warrant Price or extend the duration of the Exercise Period pursuant to
Sections 3.1 and 3.2, respectively, without the consent of the registered
holders.  The Warrant Agent may require an opinion of Company Counsel
as to the validity of a proposed amendment as a condition of its execution of
said amendment.  

     

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

     

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

     

    
      
        
          
            	 
      	
                    57TH
      STREET GENERAL ACQUISITION CORP.

                  
	 
      	 
      	 
      
	 
      	
                    By:

                  	 
      
	 
      	
                    Name:

                  	 
      
	 
      	 
      	
                    Title:

                  
	 
      	 
      
	 
      	
                    CONTINENTAL
      STOCK TRANSFER

                  
	 
      	
                    &
      TRUST COMPANY

                  
	 
      	 
      	 
      
	 
      	
                    By:

                  	 
      
	 
      	
                    Name:

                  	 
      
	 
      	 
      	
                    Title:

                  

          

        

      

    
 

    
      
         

      

      
        19EXHIBIT
4.6

     

    CERTIFICATE OF
DESIGNATION

    OF
RIGHTS AND PREFERENCES OF

    SERIES
C PREFERRED STOCK

    OF
SPECTRASCIENCE, INC.

     

    (PURSUANT
TO MINNESOTA STATUTES, SECTION 302A.401, SUBD. 3(B))

     

    The
undersigned, being the Secretary of SpectraScience, Inc., a corporation
organized and existing under the laws of the State of Minnesota (the “Company”), in
accordance with the provisions of Minnesota Statutes, Section 302A.401, Subd.
3(b), does hereby certify that pursuant to the authority vested in the Company’s
Board of Directors by the Company’s Amended and Restated Articles of
Incorporation (the “Articles”), the Board
of Directors on April 9, 2010, in accordance with Minnesota Statutes, Section
302A.401, Subd. 3 and Section 2.01 of the Articles duly adopted the following
resolution establishing the Series C Preferred Stock of the
Company:

     

    RESOLVED,
that pursuant to the authority vested in the Board of Directors of the Company
by the Articles, the Board of Directors hereby establishes a class of preferred
stock entitled the Series C Preferred Stock, and hereby states the designation
and number of shares, and fixes the relative rights and preferences, of the
Series C Preferred Stock as follows:

     

    Designation and
Rank.

     

    Twenty-Five
Million (25,000,000) shares of the Company’s undesignated stock authorized by
Article 2.01 of the Articles are designated as Series C Preferred Stock, par
value $0.01 per share, (the “Series C Stock”). The
Series C Stock shall rank, with respect to dividends and rights upon
liquidation, winding up and dissolution, senior to the Common Stock of the
Company.

     

    1.
           Definitions

     

    For
purposes of this Certificate of Designation (“Certificate”) the
following definitions shall apply and shall be equally applicable to both the
singular and plural forms of the defined terms:

     

    1.1           “Conversion Shares”
shall mean the securities issued or issuable upon conversion of the Series C
Stock.

     

    1.2           ”Free Trading” shall
mean that (i) Conversion Shares consist of Common Stock and are freely tradable
by non-affiliates of the Company (subject only to the volume limitations imposed
by Rule 144 under the Securities Act of 1933) and (ii) over a period of ten
consecutive trading days immediately prior to the Mandatory Conversion Date (as
defined in Section 5.2 hereof) the Common Stock has had (A) an average closing
price not less than the Conversion Price then in effect and (B) average daily
trading volume of not less than 50,000 shares.

     

    1.3           ”Original Issue Price”
shall mean $.20 per share of Series C Stock (subject to appropriate adjustments
for stock splits and other combinations of the Series C Stock in the same manner
as set forth in Section 5.6).

     

    1.4           ”Person” shall include
all natural persons, corporations, business trusts, associations, limited
liability companies, partnerships, joint ventures and other entities,
governments, agencies and political subdivisions.

     

    1.5           ”Qualified Public
Offering” shall mean the closing of the first underwritten public
offering pursuant to an effective registration statement filed under the
Securities Act after April 10, 2010 covering the offering and sale of Common
Stock for the account of the Company on a firm commitment basis in which (i) the
aggregate gross proceeds to the Company arising from the sale of securities
solely for cash is at least $10,000,000 before deduction of underwriters’
commissions and expenses and (ii) prior to or as a result of such offering, the
Common Stock is listed for trading on the New York Stock Exchange, the American
Stock Exchange, the Nasdaq Global Select Market, the Nasdaq Global Market, the
Nasdaq Capital Market, or any other “exchange” recognized by rule of the
Securities and Exchange Commission.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    1.6           ”Series C Stock” shall
mean Series C Preferred Stock of the Company.

     

    2. 
           Voting
Rights.

     

    2.1           General.  At
all meetings of the shareholders of the Company and in the case of any actions
of shareholders in lieu of a meeting, each holder of the Series C Stock shall
have that number of votes on all matters submitted to the shareholders that is
equal to the number of whole shares of Common Stock into which such holder’s
shares of Series C Stock are then convertible, as provided in Section 5 hereof,
at the record date for the determination of the shareholders entitled to vote on
such matters or, if no such record date is established, at the date such vote is
taken or any written consent of such shareholders is effected.  Except
as may be otherwise provided in this Certificate, by agreement, or by law, the
holders of the Common Stock and the holders of the Series C Stock shall vote
together as a single class on all actions to be taken by the shareholders of the
Company.

     

    2.2           Additional Class Votes by
the Series C Stock.  For so long as at least 35% of the shares
of Series C Stock originally issued remain outstanding, the Company shall not,
without the affirmative vote of at least 67% of the then outstanding shares of
the Series C Stock, with each share of the Series C Stock entitled to one vote
in each instance:

     

    (i)           take
any action, including, without limitation, any action that constitutes or
results in an amendment or waiver of any provision of the Company’s Articles of
Incorporation or Bylaws, if such action in any way affects, alters or changes
any existing rights, preferences, privileges or provisions relating to the
Series C Stock or the holders thereof, or results in any increase or decrease in
the authorized number of shares of the Series C Stock;

     

    (ii)          authorize,
issue or otherwise create (by reclassification or otherwise) any new class of
additional shares of capital stock of the Company having rights, preferences or
privileges that are senior to or on priority with the Series C Stock (including
any additional shares of the Series C Stock).

     

    3.
           Dividends.

     

    3.1          Dividends.  Holders
of Series C Stock shall not be entitled to the payment of dividends, except at
the discretion of the Company’s Board.

     

    3.2          Non-Cash
Dividends.  Whenever a dividend provided for in this Section 3
shall be payable in property other than cash (including without limitation
Common Stock), the value of such dividend shall be deemed to be the fair market
value of such property as determined in good faith by the Board.

     

    3.3          Payments on
Conversion.  If the Company shall have accrued but unpaid cash
dividends with respect to any of the Series C Stock upon its conversion as
provided in Section 5 hereof, then all such accrued but unpaid dividends on such
converted shares shall be canceled.

     

    4.
           Liquidation
Rights.

     

    4.1          Preference of the Series C
Stock.  In the event of any liquidation, dissolution or winding
up of the Company, whether voluntary or involuntary, the holders of the Series C
Stock then outstanding shall be entitled to be paid out of the assets of the
Company available for distribution to its shareholders, whether such assets are
capital, surplus, or earnings, before any payment or declaration and setting
apart for payment of any amount shall be made in respect of the Common Stock or
any other class or series of shares ranking junior to the Series C Stock, an
amount equal to (a) the Original Issue Price (subject to appropriate adjustments
for stock splits, stock dividends, recapitalizations and other combinations in
the same manner as set forth in Section 5) plus (b) declared but unpaid
dividends to and including the date full payment shall be tendered to the
holders of the Series C Stock (the “Liquidation Price”) with respect to such
liquidation, dissolution or winding up.  If, upon any liquidation,
dissolution, or winding up of the Company, whether voluntary or involuntary, the
assets to be distributed to the holders of the Series C Stock shall be
insufficient to permit the payment to such shareholders of the full preferential
amounts aforesaid, then all of the assets of the Company shall be distributed
ratably to the holders of the Series C Stock based upon the full Liquidation
Price payable with respect to such shares of the Series C Stock if such
liquidation preference was paid in full.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    4.2          Reorganization; Sale of
Assets.  The merger, acquisition or consolidation of the
Company into or with any other entity or entities which results in the exchange
of outstanding shares of the Company for securities or other consideration
issued or paid or caused to be issued or paid by any such entity or affiliate
thereof pursuant to which the shareholders of the Company immediately prior to
the transaction do not own a majority of the outstanding shares of the surviving
corporation immediately after the transaction, or any sale, lease, license (on
an exclusive basis) or transfer by the Company of all or substantially all its
assets, shall be deemed to be a liquidation, dissolution or winding up of the
Company within the meaning of the provisions of this Section 5 unless this
provision is waived by the affirmative vote of the holders of at least 50% of
the Series C Stock then outstanding.

     

    4.3          Notice.  Written
notice of such liquidation, dissolution or winding up, stating a payment date
and the place where said payments shall be made, shall be given by mail, postage
prepaid, or by telephone facsimile to non-U.S. residents, not less than 20 days
prior to the earlier of (i) the shareholders’ meeting called to approve such
transaction or (ii) the closing of such transaction, to the holders of record of
the Series C Stock, such notice to be addressed to each such holder at its
address as shown by the records of the Company.  The first of such
notices shall describe all material terms and conditions of the transaction and
of Section 4.2 hereof (including, without limiting the generality of the
foregoing, a description of the value of the consideration, if any, being
offered to the holders of the Series C Stock in the transaction and the amount
to which such holders would be entitled if such transaction were (as described
in Section 4.2 hereof) to be deemed a liquidation, dissolution or winding up of
the Company) and the Company shall thereafter give such holders prompt notice of
any material changes to such terms and conditions.  The transaction
shall in no event take place sooner than 20 days after the mailing by the
Company of the first notice provided for herein or sooner than 10 days after the
mailing by the Company of any notice of material changes as provided for herein;
provided that such periods may be reduced upon the written consent of the
holders of a majority in interest of the Series C Stock then outstanding, voting
together as a single class on an as-if-converted basis.

     

    5.
           Conversion.  The
holders of the Series C Stock shall have the following conversion rights (the
“Conversion
Rights”):

     

    5.1          Optional Conversion of the
Series C Stock.  The Series C Stock shall be convertible, in
whole or in part, without the payment of any additional consideration by the
holder thereof and at the option of the holder thereof, at any time after the
date of this Certificate at the office of the Company into that number of shares
of Common Stock as is determined by dividing $.20 by the Conversion Price (as
defined below) in effect at the time of conversion and then multiplying such
quotient by each share of the Series C Stock to be converted.  The
price at which the shares of Common Stock shall be deliverable upon conversion
without payment of any additional consideration by the holder thereof shall be
initially $.20 per share (the “Conversion Price”).  The Conversion
Price shall be subject to adjustment, in order to adjust the number of shares of
the Common Stock into which the Series C Stock is convertible, as hereinafter
provided.

     

    5.2          Automatic Conversion of the
Series C Stock.  If at any time (a) the Company shall complete
a Qualified Public Offering, or (b) the holders of at least 67% of the
outstanding Series C Stock shall consent in writing to the conversion of the
Series C Stock into shares of the Common Stock, or (c) the Conversion Shares
upon issuance will be Free Trading, then effective upon (i) the closing of the
sale of such shares by the Company pursuant to such Qualified Public Offering,
(ii) such consent of the holders of the Series C Stock, or (iii) notice by the
Company to the holders of the Series C Stock that the Conversion Shares are Free
Trading, as the case may be, all outstanding shares of Series C Stock shall
automatically convert into shares of the Common Stock at the Conversion Price as
of a date specified by the Company (the “Mandatory Conversion
Date”).

     

    5.3          Fractional
Shares.  No fractional shares of Common Stock shall be issued
upon conversion of the Series C Stock.  In lieu of any fractional
share to which any holder would otherwise be entitled upon conversion of some or
all of the Series C Stock owned by such holder, the Company shall, at the
discretion of the Board, pay cash equal to such fraction multiplied by the then
effective Conversion Price or round up to the nearest whole
share.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    5.4          Mechanics of Optional
Conversion.  Before any holder of the Series C Stock shall be
entitled to convert the same into full shares of Common Stock, such holder shall
surrender the certificate or certificates therefore, endorsed or accompanied by
written instrument or instruments of transfer, in form satisfactory to the
Company, duly executed by the registered holder or by such holder’s attorney
duly authorized in writing, at the office of the Company and shall give written
notice to the Company at such office that such holder elects to convert the same
and shall state therein such holder’s name or the name of the nominees in which
such holder wishes the certificate or certificates for shares of the Common
Stock to be issued.  The Company shall, as soon as practicable
thereafter, issue and deliver at such office to such holder of the Series C
Stock, or to such holder’s nominee or nominees, a certificate or certificates
for the number of shares of the Common Stock to which such holder shall be
entitled as aforesaid, together with cash if any, to be delivered in lieu of any
fraction of a share.  Such conversion shall be deemed to have been
made immediately prior to the close of business on the date of such surrender of
the shares of the Series C Stock to be converted, and the person or persons
entitled to receive the shares of the Common Stock issuable upon conversion
shall be treated for all purposes as the record holder or holders of such shares
of the Common Stock on such date.  From and after such date, all
rights of the holder with respect to the Series C Stock so converted shall
terminate, except only the right of such holder, upon the surrender of his, her
or its certificate or certificates therefore, to receive certificates for the
number of shares of the Common Stock issuable upon conversion thereof,
certificates for the number of shares of the Series C Stock remaining and cash
for fractional shares.

     

    5.5          Mechanics of Automatic
Conversion.  All holders of record of shares of the Series C
Stock will be given at written notice of the date of any automatic conversion
pursuant to Section 5.2 hereof not later than three business days’ following the
actual date of such automatic conversion.  Each such notice shall
designate a place for exchange of all of the shares of such Series C
Stock.  Such notices will be sent by mail, first class, postage
prepaid to each record holder of the Series C Stock at such holder’s address
appearing on the Company’s stock register, or by overnight courier service in
the case of the notice prior to the actual date of conversion.  Each
holder of shares of the Series C Stock shall surrender such holder’s certificate
or certificates for all such shares to the Company at the place designated in
such notice, and shall thereafter receive certificates for the number of shares
of the Common Stock or other securities to which such holder is
entitled.  Failure to provide such notice or untimely notice shall not
affect the validity of automatic conversion hereunder.  On the date
fixed for conversion, all rights with respect to the Series C Stock will
terminate, except only the rights of the holders thereof, upon surrender of
their certificate or certificates therefore, to receive certificates for the
number of shares of the Common Stock or other securities into which such Series
C Stock has been converted and cash for fractional shares.  If so
required by the Company, certificates surrendered for conversion shall be
endorsed or accompanied by a written instrument or instruments of transfer, in
form satisfactory to the Company, duly executed by the registered holder or by
her, his or its attorney duly authorized in writing.  All certificates
evidencing shares of the Series C Stock which are required to be surrendered for
conversion in accordance with the provisions hereof shall, from and after the
date such certificates are so required to be surrendered, be deemed to have been
retired and canceled and the shares of the Series C Stock represented thereby
converted into the Common Stock for all purposes, notwithstanding the failure of
the holder or holders thereof to surrender such certificates on or prior to such
date; provided that the Company may require the holder to provide adequate
protection to the Company for the loss of such certificate(s) prior to issuing
certificates for shares of Common Stock to such holder.  As soon as
practicable after the date of such automatic conversion and the surrender of the
certificate or certificates for the Series C Stock as aforesaid, the Company
shall cause to be issued and delivered to such holder, or to her, his or its
written order, a certificate or certificates for the number of full shares of
the Common Stock or other securities issuable on such conversion in accordance
with the provisions hereof and cash as provided in Section 5.3 hereof in respect
of any fraction of a share of Common Stock otherwise issuable upon such
conversion.

     

    5.6          Certain Adjustments to
Conversion Price for Stock Splits, Dividends, Mergers, Reorganizations,
Etc.

     

    (a)           Adjustment for Stock Splits,
Stock Dividends and Combinations of Common Stock.  In the event
the outstanding shares of Common Stock shall, after the filing of this
Certificate, be further subdivided (split), or combined (reverse split), by
reclassification or otherwise, or in the event of any dividend or other
distribution payable on the Common Stock in shares of Common Stock, the
applicable Conversion Price in effect immediately prior to such subdivision,
combination, dividend or other distribution shall, concurrently with the
effectiveness of such subdivision, combination, dividend or other distribution,
be proportionately adjusted.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (b)          Adjustment for Merger or
Reorganization, etc.  In the event of a reclassification,
reorganization or exchange (other than described in Section 5.6(a) above) or any
merger, acquisition, consolidation or reorganization of the Company with another
company or entity (other than a merger, acquisition or other consolidation or
reorganization as defined in Section 4.2 hereof, which is considered a
liquidation pursuant to Section 4 above), each share of the Series C Stock shall
thereafter be convertible into the number of shares of stock or other securities
or property to which a holder of the number of shares of the Common Stock of the
Company deliverable upon conversion of the Series C Stock would have been
entitled upon such reclassification, reorganization, exchange, consolidation,
merger or conveyance had the conversion occurred immediately prior to the event;
and, in any such case, appropriate adjustment (as determined by the Board) shall
be made in the application of the provisions herein set forth with respect to
the rights and interests thereafter of the holders of the Series C Stock, to the
end that the provisions set forth herein (including provisions with respect to
changes in and other adjustments of the applicable Conversion Price) shall
thereafter be applicable, as nearly as reasonably may be, in relation to any
shares of stock or other property thereafter deliverable upon the conversion of
the Series C Stock.

     

    (c)          Duration of Adjusted
Conversion Price.  Following each computation or readjustment
of an adjusted Conversion Price as provided above in this Section 5, the new
adjusted Conversion Price shall remain in effect until a further computation or
readjustment thereof is required by this Section 5.

     

    (d)          Other Action Affecting the
Common Stock.  In case, after the filing of this Certificate,
the Company shall take any action affecting the Common Stock, other than an
action described above in this Section 5, which in the good faith opinion of the
Board would have a materially adverse effect upon the Conversion Rights of the
Series C Stock granted herein, the Conversion Price shall be adjusted in such
manner and at such time as the Board may in good faith determine to be equitable
in the circumstances.

     

    (e)     
     Certificate as to
Adjustments.  Upon the occurrence of each adjustment or
readjustment of the Conversion Price pursuant to this Section 5, the Company at
its expense shall promptly compute such adjustment or readjustment in accordance
with the terms hereof and furnish to each holder of the applicable Series C
Stock a certificate setting forth such adjustment or readjustment and showing in
reasonable detail the facts upon which such adjustment or readjustment is
based.  The Company shall, upon the written request, at any time, of
any holder of the Series C Stock, furnish or cause to be furnished to such
holder a like certificate setting forth: (i) such adjustments and readjustments;
(ii) the applicable Conversion Price at the time in effect; and (iii) the number
of shares of the Common Stock and the amount, if any, of other property which at
the time would be received upon the conversion of such Series C
Stock.

     

    5.7          Notices of Record
Date.  In the event of any taking by the Company of a record of
the holders of any class of securities for the purpose of determining the
holders thereof who are entitled to receive any dividend (other than a cash
dividend which is the same as cash dividends paid in previous quarters) or other
distribution, any capital reorganization of the Company, any reclassification or
recapitalization of the Company’s capital stock, any consolidation or merger
with or into another Company, any transfer of all or substantially all of the
assets of the Company or any dissolution, liquidation or winding up of the
Company, the Company shall mail to each holder of the Series C Stock at least 10
days prior to the date specified for the taking of a record, a notice specifying
the date on which any such record is to be taken for the purpose of such
dividend or distribution.

     

    5.8          Common Stock
Reserved.  The Company shall reserve and keep available out of
its authorized but unissued Common Stock such number of shares of the Common
Stock as shall from time to time be sufficient to effect conversion of the
Series C Stock.

     

    5.9          Payment of
Taxes.  The Company will pay all taxes (other than taxes based
upon income) and other governmental charges that may be imposed with respect to
the issue or delivery of shares of the Common Stock upon conversion of shares of
the Series C Stock, other than any tax or other charge imposed in connection
with any transfer involved in the issue and delivery of shares of the Common
Stock in a name other than that in which the shares of the Series C Stock so
converted were registered.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    5.10        No
Impairment.  The Company will not through any reorganization,
transfer of assets, merger, dissolution, issue or sale of securities or any
other voluntary action, avoid or seek to avoid the observance or performance of
any of the terms to be observed or performed hereunder by the Company but will
at all times in good faith assist in the carrying out of all the provisions of
this Section 5 and in taking of all such action as may be necessary or
appropriate in order to protect the Conversion Rights of the holders of the
Series C Stock against impairment.  Notwithstanding the foregoing,
nothing in this Section 5.10 shall prohibit the Company from amending its
Articles with the requisite consent of its shareholders and the Board of
Directors.

     

    6.           
Status of Series C
Stock Upon Retirement.

     

    Shares of
Series C Stock which are acquired or redeemed by the Company or converted
pursuant to Section 5 shall become authorized undesignated shares and may be
redesignated and reissued by the Board of Directors as provided in the
Articles.

     

    IN
WITNESS WHEREOF, the Company has caused this Certificate to be signed by Jim
Hitchin, its Secretary, this 29 day of April, 2010.

     

    
      
        
          
            
              
                
                  
                    
                      	
                              SPECTRASCIENCE,
      INC.

                            	 
	 
      	 
      	 
	
                              By:

                            	
                               /s/ Jim
      Hitchin                        .

                            	 
	 
      	 
      	 
	
                              Name:           Jim
      Hitchin

                            	 
	 
      	 
      	 
	
                              Its:                 Secretary

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