Document:

EXHIBIT 10.6

              SEPARATION AGREEMENT AND MUTUAL RELEASE OF ALL CLAIMS

EMPLOYEE:                                           Joel J. Kocher

DATE OF HIRE:                                       January 16, 1998

DATE OF TERMINATION:                                August 1, 2005

COMPLETION DEADLINE PER PARAGRAPH 12(E):            August 9, 2005

     THIS SEPARATION AGREEMENT AND MUTUAL RELEASE OF ALL CLAIMS (hereinafter
"the Agreement") is entered into by and among Interland, Inc. ("the Company"),
and the employee identified above ("Employee").

BACKGROUND

     Employee and the Company are terminating their employment relationship and
desire to settle fully and finally all differences between them that may arise
out of or relate to Employee's employment with the Company and all other claims
Employee has or may have through the Effective Date.

     NOW, THEREFORE, in consideration of this recital, the mutual agreements
contained herein and other good and valuable consideration, the receipt,
adequacy and sufficiency of which is hereby acknowledged, the parties to this
Agreement hereby agree, promise and covenant as to each of the following:

     1.   Capacity to Execute. Each of the parties represents and warrants that
          she/he or it is legally viable and competent to enter into this
          Agreement, is relying on independent judgment and the advice of legal
          counsel and has not been influenced, pressured or coerced to any
          extent whatsoever in making this Agreement by any representations or
          statements made by the Company and/or any person or persons
          representing the Company, and that the individuals executing this
          Agreement on her/his or its behalf are authorized to do so. Each of
          the parties further represents and warrants that she/he or it has not
          sold, assigned, transferred, conveyed or otherwise disposed of all or
          any part of the claims released hereunder, whether known or unknown.

     2.   Specific Consideration Provided to Employee.

          (a)  In exchange for the release provided hereunder and other good and
               valuable consideration, and following the Effective Date assuming
               that this Agreement is not revoked pursuant to Section 12, the
               Company will:

          i)   to the extent that Employee elects to employ separate counsel,
               reimburse 50% of reasonable attorneys' fees of such counsel
               actually incurred by Employee in connection with certain pending
               litigation styled Heitman v. Communitech.net, Inc. et al. and
               pending in Jackson County, Missouri (the "Heitman Litigation") in
               which Employee is a defendant, up to a maximum reimbursement of

<PAGE>

               $60,000 per twelve-month period, beginning as of the Effective
               Date (as defined below), subject to limits placed on such
               indemnification by applicable law (including but not limited to
               the Minnesota Business Corporation Act and state and federal
               securities law and related regulations) ("Applicable Law") and to
               Employee's continued compliance with the terms of Employee's
               Employment and Noncompete Agreement dated as of January 16, 1998
               (the "Employment Agreement"), including but not limited to the
               terms regarding competition, solicitation of customers and
               suppliers, and interference or diversion of business, and
               provided that such reimbursement shall cease if the Company
               becomes aware of circumstances which indicate that Employee is
               not entitled to such indemnification under Applicable Law or is
               in violation of the terms of the Employment Agreement. This
               reimbursement does not supersede Employee's rights to
               indemnification, advancement of expenses, or insurance coverage
               under the Indemnification Agreement dated January 15, 1998, by
               and between the Company and Employee; the Company's Bylaws; the
               Minnesota Business Corporation Act; applicable insurance
               policies; and any other agreement, contract, law, or otherwise
               under which Employee is entitled to indemnification, advancement
               of expenses, or insurance coverage, for liability, fees, and
               costs associated with (i) the Heitman Litigation or any other
               previously asserted or noticed claims, or (ii) claims arising
               after the Effective Date. Employee shall be entitled to
               reimbursement under this Section 2(a)(i) only if the Employee
               delivers proof of payment of reasonable attorneys' fees in
               connection with the Heitman Litigation and a request for
               reimbursement of 50% of same (in such form as the Company may
               reasonably require) to the Company's Legal Department, at the
               address specified in Section 21(b) hereof, within thirty (30)
               days of Employee's receipt of invoices for such attorneys' fees.
               The Company shall reimburse Employee for 50% of such attorneys'
               fees within thirty (30) days of receiving from Employee such
               proof of payment and request for reimbursement. Provided,
               however, that the foregoing does not supersede the Employee's
               rights to full indemnification, advancement of expenses, or
               insurance coverage under the Indemnification Agreement dated
               January 15, 1998, by and between the Company and Employee, to the
               extent that Employee does not employ separate counsel as
               described therein. Notwithstanding the foregoing, Employee may
               submit proof of up to $12,800 in reasonable attorneys' fees
               incurred prior to the Effective Date and receive reimbursement
               for those fees, provided that any amount so reimbursed will count
               toward the $60,000 limit for the first 12 month period.

          ii)  in lieu of any payments or benefits to be provided pursuant to
               Section 3 of the Employment Agreement, pay Employee an amount in
               cash equal to $360,000 plus an amount equal to 12 months for
               COBRA reimbursement, less all legally required deductions and
               withholdings. The Severance Amount will be paid out in equal
               bi-weekly installments on the dates, corresponding to the
               Company's normal payroll processing dates, beginning with the
               first such date to occur after the Effective Date, as defined in
               Section 12(e) hereof, and ending on the last such date to occur
               on or before December 31, 2005. Notwithstanding the foregoing and
               the terms of individual stock option grants to Employee and in
               accordance with Section 3 of the Employment Agreement, Employee
               may exercise during the Transition Period, as that Period is
               described in Section 2(a) of the Employment Agreement, and for
               thirty days following the termination of the Transition Period,
               any stock options that have vested or that will vest during the
               Transition Period.

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          (b)  The severance obligations set forth in Section 2 are the total
               payment and severance obligations under this Agreement, which
               represent payments and obligations that Employee would not
               otherwise be entitled to receive from the Company. Accordingly,
               Employee understands and warrants that no further amount is or
               shall be due or claimed to be due from the Company and/or from
               any other person or entity released in Section 3 below with
               respect to any claim or claims released in Section 3 below,
               including, but not limited to, any and all claims for attorneys'
               fees and the costs of litigation (other than as set forth in
               Section 2(a)(i)) that she/he may have under any federal, state or
               local law, common law or in equity. Provided, however, that the
               severance obligations do not supersede Employee's rights to
               indemnification, advancement of expenses, or insurance coverage
               under the Indemnification Agreement dated January 15, 1998, by
               and between the Company and Employee; the Company's Bylaws; the
               Minnesota Business Corporation Act; applicable insurance
               policies; and any other agreement, contract, law, or otherwise
               under which Employee is entitled to indemnification, advancement
               of expenses, or insurance coverage, for liability, fees, and
               costs associated with (i) the Heitman litigation or any other
               previously asserted or noticed claims, or (ii) claims arising
               after the Effective Date.

          (c)  Employee agrees to be responsible for, and to pay in a timely
               manner, all federal, state and local taxes that may be due on all
               payments hereunder, and she/he further agrees to indemnify and
               hold harmless the Company from any and all costs and expenses
               that it may incur in the future if any federal, state, or local
               government agency or any other person or entity asserts that any
               withholding, taxes, or other amounts should have been paid by the
               Company in connection with this payment, and such indemnification
               shall include, but not be limited to, any taxes, interest,
               penalties, and reasonable attorneys' fees incurred by the Company
               in connection therewith.

     3.   Mutual Release of all Claims by the Parties.

          (a)  In consideration of the concessions provided for in Section 2 and
               other good and valuable consideration, the receipt, adequacy, and
               sufficiency of which is hereby acknowledged, Employee and her/his
               heirs, executors, administrators, agents, assigns, receivers,
               attorneys, servants, legal representatives, predecessors and
               successors in interest, regardless of form, trustees in
               bankruptcy or otherwise, wards, and any other representative or
               entity acting on her/his or their behalf, pursuant to, or by
               virtue of the rights of any of them, do hereby now and forever
               unconditionally release, discharge, and acquit the Company and
               any parent, subsidiary or related companies, and any and all of
               their employees, agents, administrators, assigns, receivers,
               attorneys, servants, legal representatives, affiliates,
               predecessors and successors in interest, regardless of form, and
               trustees in bankruptcy or otherwise, from any and all claims,
               rights, demands, actions, suits, damages, losses, expenses,
               liabilities, indebtedness, and causes of action, of whatever kind
               or nature that accrued from the beginning of time through the
               Effective Date, regardless of whether known or unknown, and
               regardless of whether asserted by Employee to date, including,

<PAGE>

               but not limited to, all claims for or relating to assault,
               battery, negligence, negligent hiring, negligent retention,
               negligent supervision, negligent training, negligent or
               intentional infliction of emotional distress, false imprisonment,
               defamation (whether libel or slander), personal injury, bodily
               injury, bad faith, pain and suffering, medical expenses, wage and
               hour, lost income and earnings (including, but not limited to,
               back pay, front pay and any other form of present or future
               income, benefits and/or earnings), equitable reinstatement,
               breach of any express or implied contract, breach of the covenant
               of good faith and fair dealing, workers' compensation, wrongful
               termination, wrongful demotion, wrongful failure to promote,
               wrongful deprivation of a career opportunity, discrimination
               (including disparate treatment and disparate impact), hostile
               work environment, quid pro quo sexual harassment, retaliation,
               any request to submit to a drug or polygraph test, and/or
               whistleblowing, whether said claim(s) are brought pursuant to
               Title VII of the Civil Rights Act of 1964, the Civil Rights Act
               of 1991, 42 U.S.C. ss. 1981, the Employee Retirement Income
               Security Act of 1974, the Equal Pay Act, the Pregnancy
               Discrimination Act, the Fair Labor Standards Act, the Age
               Discrimination in Employment Act, the Americans with Disabilities
               Act, the Family and Medical Leave Act or any other
               constitutional, federal, regulatory, state or local law, or under
               the common law or in equity. Provided, however, that this Section
               3(a) will not terminate Employee's right to indemnification under
               the Indemnification Agreement, to the extent allowed by
               Applicable Law, for advancement of expenses, or insurance
               coverage under the Indemnification Agreement dated January 15,
               1998, by and between the Company and Employee; the Company's
               Bylaws; the Minnesota Business Corporation Act; applicable
               insurance policies; and any other agreement, contract, law, or
               otherwise under which Employee is entitled to indemnification,
               advancement of expenses, or insurance coverage, for liability,
               fees, and costs associated with (i) the Heitman litigation or any
               other previously asserted or noticed claims, or (ii) claims
               arising after the Effective Date.

          (b)  In consideration of the concessions provided for in Section 3(a)
               and other good and valuable consideration, the receipt, adequacy,
               and sufficiency of which is hereby acknowledged, the Company and
               any parent, subsidiary or related companies, and any and all of
               their employees, agents, administrators, assigns, receivers,
               attorneys, servants, legal representatives, affiliates,
               predecessors and successors in interest, regardless of form,
               trustees in bankruptcy or otherwise, and any other representative
               or entity acting on its or their behalf, do hereby now and
               forever unconditionally release, discharge, and acquit Employee
               and his heirs, executors, administrators, agents, receivers,
               attorneys, servants, legal representatives, predecessors and
               successors in interest, regardless of form, trustees in
               bankruptcy or otherwise, wards, pursuant to, or by virtue of the
               rights of any of them, from any and all claims, rights, demands,
               actions, suits, damages, losses, expenses, liabilities,
               indebtedness, and causes of action, of whatever kind or nature,
               of which the Company presently has knowledge, arising out of or
               related to acts commencing from the beginning of time through the
               Effective Date, including, but not limited to, any claims under
               other constitutional, federal, regulatory, state or local law, or
               under the common law or in equity. The burden of proving the

<PAGE>

               actual knowledge of the Company of such events, occurrences or
               omissions giving rise to a claim against Employee shall be the
               Employee's burden, and shall only be established by the actual,
               conscious knowledge of (a) an officer of the Company who is a
               Vice President of the Company or higher, or (b) the General
               Counsel of the Company, or (c) the Board of Directors of the
               Company, or (d) an appropriate committee of the Board of
               Directors constituted for a purpose related to the events,
               occurrences or omissions at issue. Provided, however, that this
               Section 3(b) will not terminate the Company's right to defend
               against any claims asserted pursuant to the rights reserved by
               Employee in Section 3(a).

     4.   Covenant Not-to-Sue.

          (a)  Employee covenants and agrees not to file or initiate a lawsuit
               against the Company in regard to any claims, demands, causes of
               action, suits, damages, losses and expenses released pursuant to
               Section 3(a), and Employee will ask no other person or entity to
               initiate such a lawsuit on her/his behalf. If Employee breaches
               this covenant and agreement, Employee must immediately repay and
               refund to the Company all payments she/he received pursuant to
               Section 2, and Employee shall also indemnify and hold harmless
               the Company, any related companies, and any of their officers,
               owners, directors, employees and agents from any and all costs
               incurred by any and all of them, including their reasonable
               attorneys' fees, in defending against any such lawsuit.
               Notwithstanding the foregoing, Employee retains the right to
               bring suit against the Company to enforce the provisions of this
               Agreement and to enforce his rights to indemnification,
               advancement of expenses, or insurance coverage under the
               Indemnification Agreement dated January 15, 1998, by and between
               the Company and Employee; the Company's Bylaws; the Minnesota
               Business Corporation Act; applicable insurance policies; and any
               other agreement, contract, law, or otherwise under which Employee
               is entitled to indemnification, advancement of expenses, or
               insurance coverage, for liability, fees, and costs associated
               with (i) the Heitman litigation or any other previously asserted
               or noticed claims, or (ii) claims arising after the Effective
               Date.

          (b)  The Company covenants and agrees not to file or initiate a
               lawsuit against Employee in regard to any claims, demands, causes
               of action, suits, damages, losses and expenses released pursuant
               to Section 3(b) and the Company will ask no other person or
               entity to initiate such a lawsuit on her/his behalf. If the
               Company breaches this covenant and agreement, the Company shall
               also indemnify and hold harmless Employee, any related entities,
               and any of their officers, owners, directors, employees and
               agents from any and all costs incurred by any and all of them,
               including their reasonable attorneys' fees, in defending against
               any such lawsuit. Provided, however, that this Section 3(b) will
               not terminate the Company's right to defend against any claims
               asserted pursuant to the rights reserved by Employee in Sections
               3(a) and 4(a).

     5. No Proceedings Initiated. Employee represents and warrants that neither
she/he nor anyone acting on her/his behalf has filed or initiated any charge or
claim against the Company in any administrative or judicial proceeding.

<PAGE>

     6. Return of Company Property. Employee further promises, represents and
warrants that she/he has returned or will return to the Company, upon the
execution of this Agreement: (a) all property of the Company, including, but not
limited to, any and all files, records, credit cards, keys, identification
cards/badges, computer access codes, computer programs, instruction manuals,
equipment (including computers) and business plans; (b) any other property which
Employee prepared or helped to prepare in connection with Employee's employment
with the Company; and (c) all documents, including logs or diaries (except
personal diaries), all tangible materials, including audio and video tapes, all
intangible materials (including computer files), and any and all copies or
duplicates of any such tangible or intangible materials, including any
duplicates, copies, or transcriptions made of audio or video tapes, whether in
handwriting or typewritten, that are in the possession, custody or control of
Employee or her/his attorneys, agents, family members, or other representatives,
which are alleged to support in any way any of the claims Employee has released
under this Agreement, including but not limited to, all audio and videotapes
involving any officer, director, shareholder, executive, manager, employee,
agent, representative or attorney of the Company; provided that Employee has
retained copies of the items described on Schedule 6 attached hereto.

     7. No Voluntary Assistance. Employee hereby covenants and agrees that
she/he will not voluntarily assist, support, or cooperate with, directly or
indirectly, any entity or person alleging or pursuing any claim, administrative
charge, or cause of action against the Company, including without limitation by
providing testimony or other information, audio or video recordings, or
documents, except under compulsion of law. If compelled to testify, nothing
contained herein shall in any way inhibit or interfere with Employee providing
completely truthful testimony. Nor shall anything herein prevent Employee's full
cooperation with any investigation or other proceeding by the EEOC or any other
federal, state or local governmental agency.

     8. Attorneys' Fees and Costs. Other than as set forth in Section 2(a)(i),
the parties to this Agreement, individually and collectively, shall be
responsible for their own attorneys' fees and costs, and for extinguishing any
attorneys' liens filed by their counsel of record. Employee understands and
agrees that the payments contemplated in Section 2 include and encompass any and
all claims with respect to attorneys' fees, costs, and expenses for and by any
and all attorneys who have represented her/him, with whom she/he has consulted
or who have done anything in connection with the subject matter of this
Agreement or any of the claims being released hereunder. Provided, however, that
the foregoing does not supersede Employee's rights to indemnification,
advancement of expenses, or insurance coverage under the Indemnification
Agreement dated January 15, 1998, by and between the Company and Employee; the
Company's Bylaws; the Minnesota Business Corporation Act; applicable insurance
policies; and any other agreement, contract, law, or otherwise under which
Employee is entitled to indemnification, advancement of expenses, or insurance
coverage, for liability, fees, and costs associated with (i) the Heitman
litigation or any other previously asserted or noticed claims, or (ii) claims
arising after the Effective Date.

     9. No Admission of Liability. The parties agree and acknowledge that this
Agreement is a full and complete compromise of the matters released herein
between the parties hereto; that neither the releases nor the negotiations for
this Agreement and the settlement embodied herein, including all statements or
communications made to date, shall be considered admissions by them.

<PAGE>

     10. Noncompete Acknowledgment. Employee has disclosed to Mr. Robert Lee a
potential business venture in which he plans to engage following termination of
the employment relationship, i.e. www.PatRiley.com, as described on Schedule 10
attached hereto. Employee represents that he will not breach the provisions of
the Employment and Noncompete Agreement dated January 16, 1998. In return, the
Company acknowledges that Employee's involvement and participation in this
venture, to the extent described in Schedule 10, will not be in breach of the
Employment and Noncompete Agreement.

     11. Enforcement of this Agreement.

     (a)  In the event of a default or breach of this Agreement, each party is
          free to pursue whatever legal or equitable remedies that may be
          available to her/him or it to seek judicial enforcement of this
          Agreement, whether by injunction, specific performance, an action for
          damages or otherwise.

     (b)  Notwithstanding Section 8 above, the parties expressly acknowledge
          that any and all attorneys' fees and expenses incurred in any
          proceeding brought to enforce this Agreement as a result of a breach
          thereof shall constitute part of the damages recoverable for any such
          breach. Therefore, the prevailing party in any action to enforce this
          Agreement, in addition to any other relief granted, shall be entitled
          to recover its reasonable costs, including, without limitation,
          attorneys' fees, expenses and costs.

     12. OWBPA Rights.

     (a)  Employee is advised to seek legal counsel regarding the terms of this
          Agreement. Employee acknowledges that he/she has either sought legal
          counsel or has consciously decided not to seek legal counsel, contrary
          to the Company's advice, regarding the terms and effect of this
          Agreement.

     (b)  Employee acknowledges that this Agreement releases only those claims
          that exist as of the date of Employee's execution of this Agreement.

     (c)  Employee acknowledges that he/she may take a period of 21 (twenty-one)
          days from the date of receipt of this Agreement within which to
          consider and sign this Agreement. If Employee fails to sign this
          Agreement, Employee shall not be entitled to the consideration
          provided in Section 2.

     (d)  Employee acknowledges that he/she will have seven (7) days from the
          date of signing this Agreement to revoke the Agreement in writing in
          its entirety ("Revocation Period"). Employee acknowledges that the
          Agreement will not become effective or enforceable until the
          Revocation Period has expired. In the event the Employee chooses to
          revoke this Agreement, within the Revocation Period, he or she will:

          (1)  Revoke the entire Agreement in a signed writing, delivered to the
               following person on or before the seventh (7th) day after he/she
               executed the Agreement:

<PAGE>

                          Interland Human Resources
                          303 Peachtree Center Ave., Suite 500
                          Atlanta, GA  30303

          (2)  Forfeit all severance and payment rights of the Company that are
               contemplated by this Agreement; and

          (3)  Return the full amount of consideration received, if any, to the
               Company along with the signed writing.

     (e)  The "EFFECTIVE DATE" of this Agreement shall be the eighth (8th) day
          after the date Employee signs the Agreement, assuming the Employee has
          not revoked the Agreement in writing within the Revocation Period.

     13. Employee expressly acknowledges that the payments and the other
consideration that he/she is receiving under this Agreement constitute material
consideration for his/her execution of this Agreement, and represent valuable
consideration to which he/she would not otherwise be entitled.

     14. Jurisdiction. The laws of the State of Georgia shall govern this
Agreement, unless pre-empted by any applicable federal law controlling the
review of this Agreement.

     15. Advice of Attorneys. The parties acknowledge that they have fully read,
understood and unconditionally accepted this Agreement after consulting with
their attorneys or having the opportunity to consult with an attorney, and
acknowledge that this Agreement is mutual and binding upon all parties hereto
regardless of the extent of damages allegedly suffered by any of the parties
hereto.

     16. Counterparts. This Agreement may be signed in counterpart originals
with the same force and effect as if signed in a single original document.

     17. Cooperation of the Parties. The parties to this Agreement agree to
cooperate fully and to execute any and all supplementary documents and to take
all additional actions that may be necessary or appropriate to give full force
and effect to the basic terms and intent of this Agreement and the settlement
embodied herein. Employee further agrees to fully cooperate with the Company in
any and all investigations, inquiries or litigation whether in any judicial,
administrative, or public, quasi-public or private forum, in which the Company
is involved, whether or not Employee is a defendant in such investigations,
inquiries, proceedings or litigation. Employee shall provide truthful and
accurate testimony, background information, and other support and cooperation as
the Company may reasonably request.

     18. Modification in Writing Only. Neither this Agreement nor any provision
of this Agreement may be modified or waived in any way except by an agreement in
writing signed by each of the parties hereto consenting to such modification or
waiver.

     19. No False Statements or Misrepresentation. Employee and the Company
hereby warrant and represent that they have not made any false statements or
misrepresentations in connection with this Agreement.

<PAGE>

     20. Headings and Captions. The headings and captions used in the Agreement
are for convenience of reference only, and shall in no way define, limit,
expand, or otherwise affect the meaning or construction of any provision of this
Agreement.

     21. Miscellaneous. Any notice required or permitted to be given by either
party to the other party may be given by certified mail or overnight courier if
to Employee to Employee's home address identified above and if to the Company to
the Company at the following address or to the Company's headquarters address
(if it should cease to be at the following address):

                           Interland, Inc.
                           303 Peachtree Center Ave., Suite 500
                           Atlanta, GA  30303
                           Attn: Human Resources Department

                           With a copy to:

                           Interland, Inc.
                           303 Peachtree Center Ave., Suite 500
                           Atlanta, GA  30303
                           Attn: Legal Department

<PAGE>

     IN WITNESS WHEREOF, the undersigned have executed this Agreement.

                                         EMPLOYEE:

                                         -------------------------------
                                         Joel J. Kocher

                                         Date:
                                              --------------------------

                                         INTERLAND, INC.

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

                                         Its:
                                            ----------------------------

                                         Date:
                                            ----------------------------Ex 4.4

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) MORGAN JOSEPH & CO. INC. ("MORGAN JOSEPH"), EARLYBIRDCAPITAL, INC.
("EARLYBIRD") OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE
OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF MORGAN JOSEPH OR EARLYBIRD
OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

THIS PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF THE CONSUMMATION
BY COCONUT PALM 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 _____________, 2006. VOID AFTER 5:00
____________________ P.M. NEW YORK CITY LOCAL TIME, ___________, 2010.

                              UNIT PURCHASE OPTION

                               FOR THE PURCHASE OF

                                 1,000,000 UNITS

                                       OF

                         COCONUT PALM ACQUISITION CORP.

1.      PURCHASE OPTION.

        THIS  CERTIFIES  THAT,  in  consideration  of $100.00 duly paid by or on
behalf of Morgan Joseph, EarlyBird or their respective designees ("HOLDER"),  as
registered  owner of this Purchase  Option,  to Coconut Palm  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 June __, 2006  ("COMMENCEMENT
DATE"),  and at or before  5:00 p.m.,  New York City local  time,  June __, 2010
("EXPIRATION DATE"), but not thereafter, to subscribe for, purchase and receive,
in  whole or in part,  up to one  million  (1,000,000)  units  ("UNITS")  of the
Company,  each Unit consisting of one share of common stock of the Company,  par
value  $0.0001  per share  ("COMMON  STOCK"),  and two  warrants  ("WARRANT(S)")
expiring  four  years  from  the  effective  date  ("EFFECTIVE   DATE")  of  the
registration  statement  ("REGISTRATION  STATEMENT") pursuant to which Units are
offered  for sale to the public  ("OFFERING").  Each  Warrant is the same as the
warrants included in the Units being registered for sale to the public by way of
the Registration  Statement ("PUBLIC WARRANTS"),  except that the exercise price
of the  Warrant is $6.00 per  share.  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

<PAGE>

take any action that would terminate the Purchase Option. This Purchase Option
is initially exercisable at $7.50 per 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.

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., New York City local 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 Units
(or 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

                                       2
<PAGE>

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.
In the event the Public Warrants have expired and are no longer exerciseable, no
"Value" shall be attributed to the Warrants underlying this Purchase Option.

                2.3.2   MECHANICS OF CASHLESS EXERCISE. The Cashless Exercise
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 Cashless
Exercise Right and specifying the total number of Units the Holder will purchase
pursuant to such Cashless Exercise Right.

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) Morgan Joseph, EarlyBird
or an underwriter or a selected dealer in connection with the Offering, or (ii)
a bona fide officer or partner of Morgan Joseph, EarlyBird 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

                                       3
<PAGE>

established to the reasonable satisfaction of the Company (the Company hereby
agreeing that the opinion of Graubard Miller shall be deemed satisfactory
evidence of the availability of an exemption), or (ii) a registration statement
or a post-effective amendment to the Registration Statement relating to such
securities has been filed by the Company and declared effective by the
Securities and Exchange Commission (the "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.

        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 register (the "DEMAND REGISTRATION") under the Act 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 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 Initial Demand Notice shall specify the number of shares of
Registrable Securities proposed to be sold and the intended method(s) of
distribution thereof. The Company will notify all holders of the Purchase
Options and/or Registrable Securities of the demand within ten days from the
date of the receipt of any such Initial Demand Notice. Each holder of
Registrable Securities who wishes to include all or a portion of such holder's
Registrable Securities in the Demand Registration (each such holder including
shares of Registrable Securities in such

                                       4
<PAGE>

registration, a "DEMANDING HOLDER") shall so notify the Company within fifteen
(15) days after the receipt by the holder of the notice from the Company. Upon
any such request, the Demanding Holders shall be entitled to have their
Registrable Securities included in the Demand Registration, subject to Section
5.1.4.

                5.1.2   EFFECTIVE REGISTRATION. A registration will not count as
a Demand Registration until the registration statement filed with the Commission
with respect to such Demand Registration has been declared effective and the
Company has complied with all of its obligations under this Agreement with
respect thereto; provided, however, that if, after such registration statement
has been declared effective, the offering of Registrable Securities pursuant to
a Demand Registration is interfered with by any stop order or injunction of the
Commission or any other governmental agency or court, the registration statement
with respect to such Demand Registration will be deemed not to have been
declared effective, unless and until, (i) such stop order or injunction is
removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of
the Demanding Holders thereafter elect to continue the offering.

                5.1.3   UNDERWRITTEN OFFERING. If the Majority Holders so elect
and such holders so advise the Company as part of the Initial Demand Notice, the
offering of such Registrable Securities pursuant to such Demand Registration
shall be in the form of an underwritten offering. In such event, the right of
any holder to include its Registrable Securities in such registration shall be
conditioned upon such holder's participation in such underwriting and the
inclusion of such holder's Registrable Securities in the underwriting to the
extent provided herein. All Demanding Holders proposing to distribute their
securities through such underwriting shall enter into an underwriting agreement
in customary form with the underwriter or underwriters selected for such
underwriting by the Majority Holders.

                5.1.4   REDUCTION OF OFFERING. If the managing underwriter or
underwriters for a Demand Registration that is to be an underwritten offering
advises the Company and the Demanding Holders in writing that the dollar amount
or number of shares of Registrable Securities which the Demanding Holders desire
to sell, taken together with all other shares of Common Stock or other
securities which the Company desires to sell and the shares of Common Stock, if
any, as to which registration has been requested pursuant to written contractual
piggy-back registration rights held by other stockholders of the Company who
desire to sell, exceeds the maximum dollar amount or maximum number of shares
that can be sold in such offering without adversely affecting the proposed
offering price, the timing, the distribution method, or the probability of
success of such offering (such maximum dollar amount or maximum number of
shares, as applicable, the "MAXIMUM NUMBER OF SHARES"), then the Company shall
include in such registration: (i) first, the Registrable Securities as to which
Demand Registration has been requested by the Demanding Holders (pro rata in
accordance with the number of shares that each such Person has requested be
included in such registration, regardless of the number of shares held by each
such Person (such proportion is referred to herein as "PRO RATA")) that can be
sold without exceeding the Maximum Number of Shares; (ii) second, to the extent
that the Maximum Number of Shares has not been reached under the foregoing
clause (i), the shares of Common Stock or other securities that the Company
desires to sell that can be sold without exceeding the Maximum Number of Shares;
(iii) third, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clauses (i) and (ii), the shares of Common Stock or
other securities registrable pursuant to the terms of the Registration Rights
Agreement

                                       5
<PAGE>

between the Company and the initial investors in the Company, dated as of June
__, 2005 (the "REGISTRATION RIGHTS AGREEMENT" and such registrable securities,
the "INVESTOR SECURITIES") as to which "piggy-back" registration has been
requested by the holders thereof, Pro Rata, that can be sold without exceeding
the Maximum Number of Shares; and (iv) fourth, to the extent that the Maximum
Number of Shares have not been reached under the foregoing clauses (i), (ii),
and (iii), the shares of Common Stock or other securities for the account of
other persons that the Company is obligated to register pursuant to written
contractual arrangements with such persons and that can be sold without
exceeding the Maximum Number of Shares.

                5.1.5   WITHDRAWAL. If a majority-in-interest of the Demanding
Holders disapprove of the terms of any underwriting or are not entitled to
include all of their Registrable Securities in any offering, such
majority-in-interest of the Demanding Holders may elect to withdraw from such
offering by giving written notice to the Company and the underwriter or
underwriters of their request to withdraw prior to the effectiveness of the
registration statement filed with the Commission with respect to such Demand
Registration. If the majority-in-interest of the Demanding Holders withdraws
from a proposed offering relating to a Demand Registration, then the Company
does not have to continue its obligations under Section 5.1.

                5.1.6   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 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   PIGGY-BACK RIGHTS. If at any time during the seven year
period commencing on the Effective Date the Company proposes to file a
registration statement under the Act with respect to an offering of equity
securities, or securities or other obligations exercisable or exchangeable for,
or convertible into, equity securities, by the Company for its own account or
for stockholders of the Company for their account (or by the Company and by
stockholders of the Company including, without limitation, pursuant to Section
5.1), other than a registration statement (i) filed in connection with any
employee stock option or other benefit plan, (ii) for an exchange offer or
offering of securities solely to the Company's existing stockholders, (iii) for
an offering of debt that is convertible into equity securities of the Company or
(iv) for a dividend reinvestment plan, then the Company shall (x) give written
notice of such proposed filing to the holders of Registrable Securities as soon
as practicable but in no event less than ten (10) days before the anticipated
filing date, which notice shall describe the amount and

                                       6
<PAGE>

type of securities to be included in such offering, the intended method(s) of
distribution, and the name of the proposed managing underwriter or underwriters,
if any, of the offering, and (y) offer to the holders of Registrable Securities
in such notice the opportunity to register the sale of such number of shares of
Registrable Securities as such holders may request in writing within five (5)
days following receipt of such notice (a "PIGGY-BACK REGISTRATION"). The Company
shall cause such Registrable Securities to be included in such registration and
shall use its best efforts to cause the managing underwriter or underwriters of
a proposed underwritten offering to permit the Registrable Securities requested
to be included in a Piggy-Back Registration on the same terms and conditions as
any similar securities of the Company and to permit the sale or other
disposition of such Registrable Securities in accordance with the intended
method(s) of distribution thereof. All holders of Registrable Securities
proposing to distribute their securities through a Piggy-Back Registration that
involves an underwriter or underwriters shall enter into an underwriting
agreement in customary form with the underwriter or underwriters selected for
such Piggy-Back Registration.

                5.2.2   REDUCTION OF OFFERING. If the managing underwriter or
underwriters for a Piggy-Back Registration that is to be an underwritten
offering advises the Company and the holders of Registrable Securities in
writing that the dollar amount or number of shares of Common Stock which the
Company desires to sell, taken together with shares of Common Stock, if any, as
to which registration has been demanded pursuant to written contractual
arrangements with persons other than the holders of Registrable Securities
hereunder, the Registrable Securities as to which registration has been
requested under this Section 5.2, and the shares of Common Stock, if any, as to
which registration has been requested pursuant to the written contractual
piggy-back registration rights of other stockholders of the Company, exceeds the
Maximum Number of Shares, then the Company shall include in any such
registration:

                        (a)     If the registration is undertaken for the
Company's account: (A) first, the shares of Common Stock or other securities
that the Company desires to sell that can be sold without exceeding the Maximum
Number of Shares; (B) second, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clause (A), the shares of Common Stock
or other securities, if any, comprised of Registrable Securities and Investor
Securities, as to which registration has been requested pursuant to the
applicable written contractual piggy-back registration rights of such security
holders, Pro Rata, that can be sold without exceeding the Maximum Number of
Shares; and (C) third, to the extent that the Maximum Number of shares has not
been reached under the foregoing clauses (A) and (B), the shares of Common Stock
or other securities for the account of other persons that the Company is
obligated to register pursuant to written contractual piggy-back registration
rights with such persons and that can be sold without exceeding the Maximum
Number of Shares;

                        (b)     If the registration is a "demand" registration
undertaken at the demand of holders of Investor Securities, (A) first, the
shares of Common Stock or other securities for the account of the demanding
persons, Pro Rata, that can be sold without exceeding the Maximum Number of
Shares; (B) second, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clause (A), the shares of Common Stock or other
securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Shares; (C) third, to the extent that the Maximum Number
of Shares has not been reached under the foregoing clauses (A) and (B), the
shares of Registrable Securities, Pro Rata,

                                       7
<PAGE>

as to which registration has been requested pursuant to the terms hereof, that
can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to
the extent that the Maximum Number of Shares has not been reached under the
foregoing clauses (A), (B) and (C), the shares of Common Stock or other
securities for the account of other persons that the Company is obligated to
register pursuant to written contractual arrangements with such persons, that
can be sold without exceeding the Maximum Number of Shares; and

                        (c)     If the registration is a "demand" registration
undertaken at the demand of persons other than either the holders of Registrable
Securities or of Investor Securities, (A) first, the shares of Common Stock or
other securities for the account of the demanding persons that can be sold
without exceeding the Maximum Number of Shares; (B) second, to the extent that
the Maximum Number of Shares has not been reached under the foregoing clause
(A), the shares of Common Stock or other securities that the Company desires to
sell that can be sold without exceeding the Maximum Number of Shares; (C) third,
to the extent that the Maximum Number of Shares has not been reached under the
foregoing clauses (A) and (B), collectively the shares of Common Stock or other
securities comprised of Registrable Securities and Investor Securities, Pro
Rata, as to which registration has been requested pursuant to the terms hereof
and of the Registration Rights Agreement, as applicable, that can be sold
without exceeding the Maximum Number of Shares; and (D) fourth, to the extent
that the Maximum Number of Shares has not been reached under the foregoing
clauses (A), (B) and (C), the shares of Common Stock or other securities for the
account of other persons that the Company is obligated to register pursuant to
written contractual arrangements with such persons, that can be sold without
exceeding the Maximum Number of Shares.

                5.2.3   WITHDRAWAL. Any holder of Registrable Securities may
elect to withdraw such holder's request for inclusion of Registrable Securities
in any Piggy-Back Registration by giving written notice to the Company of such
request to withdraw prior to the effectiveness of the registration statement.
The Company (whether on its own determination or as the result of a withdrawal
by persons making a demand pursuant to written contractual obligations) may
withdraw a registration statement at any time prior to the effectiveness of the
registration statement. Notwithstanding any such withdrawal, the Company shall
pay all expenses incurred by the holders of Registrable Securities in connection
with such Piggy-Back Registration as provided in Section 5.2.4.

                5.2.4   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 cause any registration statement
filed pursuant to the above "piggyback" rights to remain

                                       8
<PAGE>

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.

        5.3     DAMAGES. Should the registration or the effectiveness thereof
required by Sections 5.1 and 5.2 hereof be delayed by the Company or the Company
otherwise fails to comply with such provisions, the Company shall, in addition
to any other equitable or other relief available to the Holder(s), be liable for
any and all incidental, special and consequential damages sustained by the
Holder(s), including, but not limited to, the loss of any profits that might
have been received by the holder upon the sale of shares of Common Stock or
Warrants (and shares of Common Stock underlying the Warrants) underlying this
Purchase Option.

        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, Morgan Joseph,
EarlyBird 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.

                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. The Company shall
furnish Morgan Joseph and EarlyBird, as representatives of the Holders
participating in any of the foregoing offerings, a signed counterpart, addressed
to the participating Holders, of (i) an opinion of counsel to the Company, dated
the effective date of such registration statement (and, if such registration
includes an underwritten public offering, an opinion dated the date of the
closing

                                       9
<PAGE>

under any underwriting agreement related thereto), and (ii) a "cold comfort"
letter dated the effective date of such registration statement (and, if such
registration includes an underwritten public offering, a letter dated the date
of the closing under the underwriting agreement) signed by the independent
public accountants who have issued a report on the Company's financial
statements included in such registration statement, in each case covering
substantially the same matters with respect to such registration statement (and
the prospectus included therein) and, in the case of such accountants' letter,
with respect to events subsequent to the date of such financial statements, as
are customarily covered in opinions of issuer's counsel and in accountants'
letters delivered to underwriters in underwritten public offerings of
securities. The Company shall also deliver promptly to Morgan Joseph and
EarlyBird, as representatives 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 Morgan Joseph and EarlyBird, as
representatives 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 Morgan Joseph and EarlyBird, as
representatives of the Holders, shall reasonably request. The Company shall not
be required to disclose any confidential information or other records to Morgan
Joseph and EarlyBird, as representatives 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 underwriter(s), if any, selected by any
Holders whose Registrable Securities are being registered pursuant to this
Section 5, which managing underwriter shall be reasonably acceptable to the
Company. Such agreement shall be reasonably satisfactory in form and substance
to the Company, 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.

                                       10
<PAGE>

                5.4.5   RULE 144 SALE. Notwithstanding anything contained in
this Section 5 to the contrary, the Company shall have no obligation pursuant to
Sections 5.1 or 5.2 for the registration of Registrable Securities held by any
Holder (i) where such Holder would then be entitled to sell under Rule 144
within any three-month period (or such other period prescribed under Rule 144 as
may be provided by amendment thereof) all of the Registrable Securities 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).

                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.

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. For example, if the
Company declares a two-for-one stock dividend and at the time of such dividend
this Purchase Option is for the purchase of one Unit at $6.00 per whole Unit
(each Warrant underlying the Units is exercisable for $5.00 per share), upon
effectiveness of the dividend, this Purchase Option will be adjusted to allow
for the purchase of one Unit at $6.00 per Unit, each Unit entitling the holder
to receive two shares of Common Stock and four Warrants (each Warrant
exercisable for $2.50 per share).

                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

                                       11
<PAGE>

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.

                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

                                       12
<PAGE>

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.

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 other stockholders of the Company at the same time and in the same manner
that such notice is given to the stockholders.

                                       13
<PAGE>

        8.2     EVENTS REQUIRING NOTICE. The Company shall be required to give
the notice described in this Section 8 upon one or more of the following events:
(i) if the Company shall take a record of the holders of its 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.

        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:

                Coconut Palm Acquisition Corp.
                595 South Federal Highway, Suite 600
                Boca Raton, FL 33432
                Attn: Richard C. Rochon, Chief Executive Officer

9.      MISCELLANEOUS.

        9.1     AMENDMENTS. The Company and [Morgan Joseph] 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 [Morgan Joseph] may deem necessary or
desirable and that the Company and [Morgan Joseph] 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.

                                       14
<PAGE>

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

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

        9.5     GOVERNING LAW; SUBMISSION TO JURISDICTION. This Purchase Option
shall be governed by and construed and enforced in accordance with the laws of
the State of New York, without giving effect to conflict of laws. 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.

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

        9.7     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.

        9.8     EXCHANGE AGREEMENT. As a condition of the Holder's receipt and
acceptance of this Purchase Option, Holder agrees that, at any time prior to the
complete exercise of this Purchase Option by Holder, if the Company and Morgan
Joseph enter into an agreement

                                       15
<PAGE>

("EXCHANGE AGREEMENT") pursuant to which they agree that all outstanding
Purchase Options will be exchanged for securities or cash or a combination of
both, then Holder shall agree to such exchange and become a party to the
Exchange Agreement

        9.9     UNDERLYING WARRANTS. At any time after exercise by the Holder of
this Purchase Option, the Holder may exchange his Warrants (with a $___ exercise
price) for Public Warrants (with a $5.00 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.

        IN WITNESS WHEREOF, the Company has caused this Purchase Option to be
signed by its duly authorized officer as of the ____ day of June 2005.

                                         COCONUT PALM ACQUISITION CORP.

                                         By:
                                            ------------------------------
                                            Name:  Richard C. Rochon
                                            Title: Chief Executive Officer

                                       16
<PAGE>

Form to be used to exercise Purchase Option:

Coconut Palm Acquisition Corp.
595 South Federal Highway, Suite 600
Boca Raton, FL 33432

Date:_________________, 200__

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

                                       or

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

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

Signature(s) Guaranteed:

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

                                       17
<PAGE>

                   INSTRUCTIONS FOR REGISTRATION OF SECURITIES

Name

--------------------------------------------------------------------------------
                            (Print in Block Letters)

Address

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

                                       18
<PAGE>

Form to be used to assign Purchase Option:

                                   ASSIGNMENT

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

        FOR VALUE RECEIVED,______________________________________________ does
hereby sell, assign and transfer unto___________________________________________
the right to purchase __________ Units of Coconut Palm 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:___________________, 200_

                                        Signature

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

Signature(s) Guaranteed:

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

                                       19

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