Document:

WARRANT
      AGREEMENT

     

    This
      Warrant Agreement (this “Agreement”) made as of _________, 2006, by and between
      Shine Media Acquisition Corp. a Delaware corporation with offices at Rockefeller
      Center, 1230 Avenue of the Americas (“Company”), and Continental Stock Transfer
& Trust Company, a New York corporation with offices at 17 Battery Place,
      New York, New York 10004 (“Warrant Agent”).

     

    WHEREAS,
      the Company is engaged in a public offering (“Public Offering”) of Units
      (“Units”) and, in connection therewith, has determined to issue and deliver (i)
      up to 13,800,000 Warrants (“Public Warrants”) to the public investors, (ii)
      266,666 warrants to the initial stockholders of the Company (the “Placement
      Warrants”) in a concurrent private placement pursuant to that certain Placement
      Unit Purchase Agreement dated ________, 2006 (the “Placement Agreement”) and
      (iii) 720,000 Warrants to Merriman Curhan Ford & Co. (“Merriman”) or its
      designees (“Representative’s Warrants” and, together with the Public Warrants
      and the Placement Warrants, the “Warrants”), each of such Warrants evidencing
      the right of the holder thereof to purchase one share of common stock, par
      value
      $.0001 per share, of the Company’s Common Stock (“Common Stock”) for $5.00 in
      the case of the Public Warrants and the Placement Warrants and $6.25 in the
      case
      of the Representative’s Warrants, subject to adjustment as described herein;
      and

     

    WHEREAS,
      the Company has filed with the Securities and Exchange Commission (the “SEC”) a
      Registration Statement, No. 333-127093 on Form S-1 (as may be amended from
      time
      to time) (“Registration Statement”) for the registration under the Securities
      Act of 1933, as amended (“Act”) of, among other securities, the Public Warrants
      and the Representative’s Warrants and the Common Stock issuable upon exercise of
      the Public Warrants and the Representative’s Warrants; and

     

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

     

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

     

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

     

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

     

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

    
      
        
        

      

      
        
        

        
          

        

      

       

    

     

    2.  Warrants.

     

    2.1  Form
      of Warrant.
      Each
      Warrant shall be issued in registered form only, shall be in substantially
      the
      form of Exhibit
      A
      hereto,
      the provisions of which are incorporated herein, and shall be signed by, or
      bear
      the facsimile signature of, the Chairman of the Board or Chief Executive Officer
      and Chief Financial Officer, Treasurer, Secretary or Assistant Secretary of
      the
      Company and shall bear a facsimile of the Company’s seal. In the event the
      person whose facsimile signature has been placed upon any Warrant shall have
      ceased to serve in the capacity in which such person signed the Warrant before
      such Warrant is issued, it may be issued with the same effect as if he or she
      had not ceased to be such at the date of issuance.

     

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

     

    2.3  Registration.
      

     

    2.3.1  Warrant
      Register.
      The
      Warrant Agent shall maintain books (“Warrant Register”) for the registration of
      original issuance and the registration of transfer of the Warrants. Upon the
      initial issuance of the Warrants, the Warrant Agent shall issue and register
      the
      Warrants in the names of the respective holders thereof in such denominations
      and otherwise in accordance with instructions delivered to the Warrant Agent
      by
      the Company.

     

    2.3.2  Registered
      Holder.
      Prior
      to due presentment for registration of transfer of any Warrant, the Company
      and
      the Warrant Agent may deem and treat the person in whose name such Warrant
      shall
      be registered upon the Warrant Register (“registered holder”), as the absolute
      owner of such Warrant and of each Warrant represented thereby (notwithstanding
      any notation of ownership or other writing on the Warrant Certificate made
      by
      anyone other than the Company or the Warrant Agent), for the purpose of any
      exercise thereof, and for all other purposes, and neither the Company nor the
      Warrant Agent shall be affected by any notice to the contrary.

     

    2.4  Detachability
      of Warrants.
      The
      securities comprising the Units will not be separately transferable until the
      earlier to occur of the expiration of the underwriters’ over-allotment option or
      20 trading days after the exercise in full by the underwriters of such option
      unless Merriman informs the Company of its decision to allow earlier separate
      trading, but in no event will Merriman allow separate trading of the securities
      comprising the Units until the Company files a Current Report on Form 8-K,
      which
      includes an audited balance sheet reflecting the receipt by the Company of
      the
      gross proceeds of the Public Offering including the proceeds received by the
      Company from the exercise of the underwriters’ over-allotment option, if the
      over-allotment option is exercised prior to the filing of the Form
      8-K.

     

    2.5  Public
      Warrants, Representative’s Warrants and Placement Warrants.
      The
      Representative’s Warrants shall have the same terms and be in the same form as
      the Public Warrants except with respect to the Warrant Price as set forth below
      in Section 3.1. The Placement Warrants shall have the same terms and be in
      the
      same form as the Public Warrants except with respect to the transfer
      restrictions set forth below in Section 5.6.

    
      
        
        

      

      
        2

        
          

        

      

       

    

     

    3.  Terms
      and Exercise of Warrants

     

    3.1  Warrant
      Price.
      Each
      Public Warrant and Placement Warrant shall, when countersigned by the Warrant
      Agent, entitle the registered holder thereof, subject to the provisions of
      such
      Public Warrant and Placement Warrant and of this Warrant Agreement, to purchase
      from the Company the number of shares of Common Stock stated therein, at the
      price of $5.00 per whole share, subject to the adjustments provided in Section
      4
      hereof and in the last sentence of this Section 3.1. Each Representative’s
      Warrant shall, when countersigned by the Warrant Agent, entitle the registered
      holder thereof, subject to the provisions of such Representative’s Warrant and
      of this Warrant Agreement, to purchase from the Company the number of shares
      of
      Common Stock stated therein, at the price of $6.25 per whole share, subject
      to
      the adjustments provided in Section 4 hereof and in the last sentence of this
      Section 3.1. The term “Warrant Price” as used in this Warrant Agreement refers
      to the price per share at which Common Stock may be purchased at the time a
      Warrant is exercised. The Company in its sole discretion may lower the Warrant
      Price at any time prior to the Expiration Date.

     

    3.2  Duration
      of Warrants.
      A
      Warrant may be exercised only during the period (“Exercise Period”) commencing
      on the later of the consummation by the Company of a merger, capital stock
      exchange, asset or stock acquisition or other similar business combination
      (as
      described more fully in the Registration Statement, “Business Combination”) or
      __________, 2007 and terminating at 5:00 p.m., New York City time on the earlier
      to occur of (i)__________, 2010 or (ii) the date fixed for redemption of the
      Warrants as provided in Section 6 of this Agreement (“Expiration Date”). Except
      with respect to the right to receive the Redemption Price (as set forth in
      Section 6 hereunder), each Warrant not exercised on or before the Expiration
      Date shall become void, and all rights thereunder and all rights in respect
      thereof under this Agreement shall cease at the close of business on the
      Expiration Date. The Company in its sole discretion may extend the duration
      of
      the Warrants by delaying the Expiration Date. 

     

    3.3  Exercise
      of Warrants.

     

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

     

    3.3.2  Issuance
      of Certificates.
      As soon
      as practicable after the exercise of any Warrant and the clearance of the funds
      in payment of the Warrant Price, the Company shall issue to the registered
      holder of such Warrant a certificate or certificates for the number of full
      shares of Common Stock to which he, she or it is entitled, registered in such
      name or names as may be directed by him, her or it, and if such Warrant shall
      not have been exercised in full, a new countersigned Warrant for the number
      of
      shares as to which such Warrant shall not have been exercised. Notwithstanding
      the foregoing, the Company shall not be obligated to deliver any securities
      pursuant to the exercise of a Warrant unless (i) a registration statement under
      the Act with respect to the Common Stock issuable upon such exercise is
      effective and a current prospectus is available, or (ii) in the opinion of
      counsel to the Company the exercise of the Warrants is exempt from the
      registration requirements of the Act and such securities are qualified for
      sale
      or exempt from qualification under applicable securities laws of the states
      or
      other jurisdictions in which the registered holders reside. Warrants may not
      be
      exercised by, or securities issued to, any registered holder in any state in
      which such exercise or issuance would be unlawful. In no event will the
      registered holder of a Warrant be entitled to receive a net-cash settlement,
      net-share settlement or other consideration in lieu of physical settlement
      in
      shares of Common Stock, regardless of whether the Common Stock underlying
      the Warrants is registered pursuant to an effective registration statement
      or a
      current prospectus is available. 

    
      
        
        

      

      
        3

        
          

        

      

       

    

     

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

     

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

     

    4.  Adjustments.

     

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

     

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

     

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

     

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

    
      
        
        

      

      
        4

        
          

        

      

       

    

     

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

     

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

     

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

    
      
        
        

      

      
        5

        
          

        

      

       

    

     

    5.  Transfer
      and Exchange of Warrants.

     

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

     

    5.2  Procedure
      for Surrender of Warrants.
      Warrants may be surrendered to the Warrant Agent, together with a written
      request for exchange or transfer, and thereupon the Warrant Agent shall issue
      in
      exchange therefor one or more new Warrants as requested by the registered holder
      of the Warrants so surrendered, representing an equal aggregate number of
      Warrants; provided,
      however,
      that in
      the event that a Warrant surrendered for transfer bears a restrictive legend,
      the Warrant Agent shall not cancel such Warrant and issue new Warrants in
      exchange therefor until the Warrant Agent has received an opinion of counsel
      for
      the Company stating that such transfer may be made and indicating whether the
      new Warrants must also bear a restrictive legend.

     

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

     

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

     

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

     

    5.6  Placement
      Warrants.
      Notwithstanding anything herein to the contrary, the Warrant Agent shall not
      register for transfer any Placement Warrants until after the consummation of
      the
      Company’s initial business combination, except for (a) transfers of
      Placement Warrants resulting from the death of any of the holders thereof,
      (b) transfers by operation of law, (c) any transfer for estate planning
      purposes to persons immediately related to the transferor by blood, marriage
      or
      adoption, or (d) transfers to any trust solely for the benefit of such
      transferor and/or the persons described in the preceding clause, on condition
      that prior to such registration for transfer, the Warrant Agent shall be
      presented with written documentation pursuant to which each permitted transferee
      or the trustee or legal guardian for each permitted transferee agrees to be
      bound by the terms of the Placement Agreement.

     

    6.  Redemption.

     

    6.1  Redemption.
      Subject
      to Section 6.4 hereof, not less than all of the outstanding Warrants may be
      redeemed, at the option of the Company, at any time after they become
      exercisable and prior to their expiration, at the office of the Warrant Agent,
      upon the notice referred to in Section 6.2, at the price of $.01 per Warrant
      (“Redemption Price”), provided that the last sales price of the Common Stock has
      been equal to or greater than $8.50 per share, on each of twenty (20) trading
      days within any thirty (30) trading day period ending on the third business
      day
      prior to the date on which notice of redemption is given. Notwithstanding the
      foregoing, the Registration Statement must be current and a current prospectus
      must be available for delivery to the warrant holders in order for the Company
      to exercise its redemption rights pursuant to this Section 6.

    
      
        
        

      

      
        6

        
          

        

      

       

    

     

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

     

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

     

    6.4  Outstanding
      Warrants Only.
      The
      Company understands that the redemption rights provided for by this Section
      6
      apply only to outstanding Warrants. To the extent a person holds rights to
      purchase Warrants, such purchase rights shall not be extinguished by redemption.
      However, once such purchase rights are exercised, the Company may redeem the
      Warrants issued upon such exercise provided that the criteria for redemption
      are
      met, including the opportunity of the Warrant holder to exercise prior to
      redemption pursuant to Section 6.3. 

     

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

     

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

     

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

    
      
        
        

      

      
        7

        
          

        

      

       

    

     

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

     

    7.4  Registration
      of Common Stock.
The
      Company agrees that prior to the commencement of the Exercise Period, it will
      use its best efforts to prepare and file with the SEC a post-effective amendment
      to the Registration Statement, or a new registration statement, for the
      registration, under the Act of the Common Stock issuable upon exercise of the
      Warrants, and it shall take such action as is necessary to qualify for sale,
      in
      those states in which the Warrants were initially offered by the Company, the
      Common Stock issuable upon exercise of the Warrants. In either case, the Company
      will use its best efforts to cause the same to become effective on or prior
      to
      the commencement of the Exercise Period and to maintain the effectiveness of
      such registration statement and have a current prospectus available for delivery
      to the warrant holders until the earlier of the Redemption Date or the
      Expiration Date in accordance with the provisions of this Warrant Agreement.
      In
      addition, the Company agrees to use its reasonable efforts to register such
      securities under the blue sky laws of the states of residence of exercising
      warrant holders, if permitted by the blue sky laws of such jurisdictions, in
      the
      event that an exemption is not available. Notwithstanding the foregoing, a
      Warrant may expire worthless, unexercised and unredeemed regardless of whether
      a
      registration statement is current under the Act and a current prospectus is
      available with respect to the Common Stock issuable upon exercise of the
      Warrants. In no event will the registered holder of a Warrant be entitled to
      receive a net-cash settlement, shares net-share settlement or other
      consideration in lieu of physical settlement in shares of Common Stock,
      regardless of whether the Company complies with this Section
      7.4.

     

    8.  Concerning
      the Warrant Agent and Other Matters.

     

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

     

    8.2  Resignation,
      Consolidation, or Merger of Warrant Agent.

     

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

    
      
        
        

      

      
        8

        
          

        

      

       

    

     

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

     

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

     

    8.3  Fees
      and Expenses of Warrant Agent.

     

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

     

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

     

    8.4  Liability
      of Warrant Agent.

     

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

     

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

     

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

    
      
        
        

      

      
        9

        
          

        

      

       

    

     

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

     

    9.  Miscellaneous
      Provisions.

     

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

     

    9.2  Notices.
      Any
      notice or other communication required or which may be given hereunder shall
      be
      in writing and either be delivered personally or by private national courier
      service, or be mailed, certified or registered mail, return receipt requested,
      postage prepaid, and shall be deemed given when so delivered personally or,
      if
      sent by private national courier service, on the next business day after
      delivery to the courier, or, if mailed, two business days after the date of
      mailing, as follows:

     

    Shine
      Media Acquisition Corp.

    [                                                    
      ]

    [                                                    
      ] 

    Attn: David
      Y.
      Chen

     

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

     

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn: Compliance
      Department

     

    with
      a
      copy in each case to:

    
      
        
        

      

      
        10

        
          

        

      

       

    

     

    Loeb
      & Loeb LLP

    345
      Park
      Avenue

    New
      York,
      New York 10154

    Attn: Mitchell
      S. Nussbaum, Esq.

     

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

     

    9.4  Persons
      Having Rights under this Warrant Agreement.
      Nothing
      in this Warrant Agreement expressed and nothing that may be implied from any
      of
      the provisions hereof is intended, or shall be construed, to confer upon, or
      give to, any person or corporation other than the parties hereto and the
      registered holders of the Warrants, any right, remedy, or claim under or by
      reason of this Warrant Agreement or of any covenant, condition, stipulation,
      promise, or agreement hereof. All covenants, conditions, stipulations, promises,
      and agreements contained in this Warrant Agreement shall be for the sole and
      exclusive benefit of the parties hereto and their successors and assigns and
      of
      the registered holders of the Warrants.

     

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

    
      
        
        

      

      
        11

        
          

        

      

       

    

     

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

     

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

     

    9.8  Amendments.
      This
      Warrant Agreement may be amended by the parties hereto without the consent
      of
      any registered holder for the purpose of curing any ambiguity, or of curing,
      correcting or supplementing any defective provision contained herein or adding
      or changing any other provisions with respect to matters or questions arising
      under this Warrant Agreement as the parties may deem necessary or desirable
      and
      that the parties deem shall not adversely affect the interest of the registered
      holders. All other modifications or amendments, including any amendment to
      increase the Warrant Price or shorten the Exercise Period, shall require the
      written consent of the registered holders of a majority of the then outstanding
      Warrants. Notwithstanding the foregoing, the Company may lower the Warrant
      Price
      or extend the duration of the Exercise Period in accordance with Sections 3.1
      and 3.2, respectively, without such consent.

     

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

    
      
        
        

      

      
        12

        
          

        

      

       

    

     

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

     

    
      	 	 	 
	Attest:	SHINE
              MEDIA
              ACQUISITION CORP.
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
              David Y. Chen
	 	
              Title:
                Chief Executive Officer and
                President

            

    

     

    
      	 	 	 
	Attest:
              	
              [CONTINENTAL
                STOCK TRANSFER & TRUST COMPANY]

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
	 	
              Title:

            

    

     

    
      
        
        

      

      
        13Unassociated Document

    

    Exhibit
      4.5

     

    FORM
      OF
      UNDERWRITER PURCHASE OPTION

     

    THE
      HOLDER (AS DEFINED HEREIN) 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 180 DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE
      OTHER THAN (I) UNDERWRITER, OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING
      (DEFINED BELOW), OR (II) A BONA FIDE OFFICER OR PARTNER OF ANY UNDERWRITER
      OR
      SELECTED DEALER.

     

    THIS
      PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF (I) THE CONSUMMATION
      BY
      SHINE MEDIA ACQUISITION CORP. (“COMPANY”) OF A MERGER, CAPITAL STOCK EXCHANGE,
      ASSET OR STOCK ACQUISITION OR OTHER SIMILAR BUSINESS COMBINATION (“BUSINESS
      COMBINATION”) (AS DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT
      (DEFINED HEREIN)) AND (II)                         ,
      2007.
      VOID AFTER 5:00 P.M. EASTERN TIME,                         ,
      2011.

     

    UNIT
      PURCHASE OPTION

     

    FOR
      THE
      PURCHASE OF

     

    360,000
      UNITS

     

    OF

     

    SHINE
      MEDIA ACQUISITION CORP.

     

    1.
      PURCHASE
      OPTION.

     

    THIS
      CERTIFIES
      THAT,
      in
      consideration of $100 duly paid by or on behalf of Merriman Curhan Ford
& Co. (“Merriman Curhan”), as registered owner of this purchase option
      (“Purchase Option”), to Shine Media Acquisition Corp. (“Company”), Holder is
      entitled, at any time or from time to time upon the later of (i) the
      consummation of a Business Combination and (ii)                         ,
      2007
      (“Commencement Date”), and at or before 5:00 p.m., Eastern Time,                         ,
      2011
      (“Expiration Date”), but not thereafter, to subscribe for, purchase and receive,
      in whole or in part, up to Three Hundred Sixty Thousand (360,000) units
      (“Units”) of the Company, each Unit consisting of one share of common stock of
      the Company, par value $.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 Warrants included
      in this Purchase Option have an exercise price of $6.25 per share, subject
      to
      adjustment as provided in Section 6 hereof. If the Expiration Date is a day
      on
      which banking institutions are authorized by law to close, then this Purchase
      Option may be exercised on the next succeeding day which is not such a day
      in
      accordance with the terms herein.

     

    During
      the period ending on the Expiration Date, the Company agrees not to take any
      action that would terminate the Purchase Option. This Purchase Option is
      initially exercisable at $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.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    The
      term
“Holder” shall mean, as of any date, Merriman Curhan and/or any
      transferee who acquired the Purchase Option(s) in accordance with Section 3.1
      hereof.

     

    As
      used
      herein, the term “Business Day” shall mean any day, except a Saturday, Sunday or
      legal holiday on which the banking institutions in the City of New York are
      authorized or obligated by law or executive order to close.

     

    2.
      EXERCISE.

     

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

     

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

     

    “The
      securities represented by this certificate have not been registered under the
      Securities Act of 1933, as amended (“Act”) or applicable state law. The
      securities may not be offered for sale, sold or otherwise transferred, in whole
      or in part, 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
      Physical Settlement Only. Notwithstanding
      anything herein to the contrary, the Company shall not be obligated to deliver
      any securities pursuant to the exercise of this Purchase Option unless (i)
      a
      registration statement under the Act with respect to the Units, Warrants and
      Common Stock issuable upon such exercise is effective and a current prospectus
      is available, or (ii) in the opinion of counsel to the Company or counsel to
      the
      Holder reasonably satisfactory to the Company the exercise of this Purchase
      Option is exempt from the registration requirements of the Act and such
      securities are qualified for sale or exempt from qualification under applicable
      securities laws of the states or other jurisdictions in which the registered
      holders reside. This Purchase Option may not be
      exercised by, or securities issued to, any registered holder in any state in
      which such exercise or issuance would be unlawful. This Purchase Option may
      expire unexercised and in no event will the registered holder of an Option
      be
      entitled to receive a net-cash settlement in lieu of physical settlement in
      Units, Common Stock or Warrants, regardless of whether the Units, Common Stock
      or Warrants underlying the Option are registered pursuant to an effective
      registration statement and a current prospectus is available.

     

    2.4
      Cashless Exercise.

     

    2.4.1
      Determination of Amount.
      In lieu
      of the payment of the Exercise Price multiplied by the number of Units for
      which
      this Purchase Option is exercisable (and in lieu of being entitled to receive
      Common Stock and Warrants) in the manner required by Section 2.1, the Holder
      shall have the right (but not the obligation) to convert any exercisable but
      unexercised portion of this Purchase Option into Units (“Conversion Right”) as
      follows: upon exercise of the Conversion Right, the Company shall deliver to
      the
      Holder (without payment by the Holder of any of the Exercise Price in cash)
      that
      number of shares of Common Stock and Warrants comprising that number of Units
      equal to the quotient obtained by dividing (x) the “Value” (as defined below) of
      the portion of the Purchase Option being converted by (y) the “Current Market
      Value” (as defined below). The “Value” of the portion of the Purchase Option
      being converted shall equal the remainder derived from subtracting (a) (i)
      the
      Exercise Price multiplied by (ii) the number of Units underlying the portion
      of
      this Purchase Option being converted from (b) the Current Market Value of a
      Unit
      multiplied by the number of Units underlying the portion of the Purchase Option
      being converted. As used herein, the term “Current Market Value” per Unit at any
      date means the remainder derived from subtracting (x) the exercise price of
      the
      Warrants multiplied by the number of shares of Common Stock issuable upon
      exercise of the Warrants underlying one Unit from (y) (i) the Current Market
      Price of the Common Stock multiplied by (ii) the number of shares of Common
      Stock underlying one Unit, which shall include the shares of Common Stock
      underlying the Warrants included in such 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.

     

    2.4.2
      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.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    2.4.3
      Warrant Exercise.
      Any
      Warrants underlying the Units shall be issued pursuant to and subject to the
      terms and conditions set forth in the Warrant Agreement, entered into by and
      between the Company and Continental Stock Transfer & Trust Company, dated as
      of                         ,
      2006;
      provided, that the exercise price of the Warrants shall be as set forth
      herein.

     

    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, hypothecate or otherwise dispose
      of
      this Purchase Option for a period of 180 days following the Effective Date
      to
      anyone other than (i) an underwriter or a selected dealer participating in
      the
      Offering, or (ii) a bona fide officer, partner, subsidiary or other affiliate
      of
      any such underwriter or selected dealer. On and after the 180th day following
      the Effective Date, this Purchase Option may be sold, transferred, assigned,
      pledged, hypothecated or otherwise disposed of, in whole or in part, subject
      to
      compliance with or exemptions from applicable securities laws; provided that
      any
      transfer to any person other than (i) an underwriter or a selected dealer
      participating in the Offering, or (ii) a bona fide officer, partner, subsidiary
      or other affiliate of any such underwriter or selected dealer shall be subject
      to the prior written consent of the Company (which consent shall not be
      unreasonably withheld). In order to make any permitted assignment, the Holder
      must deliver to the Company the assignment form attached hereto as Exhibit
      B
      duly executed and completed and the written agreement of the transferee to
      be
      bound by the terms of this Section 3.1, together with the Purchase Option and
      payment of all transfer taxes, if any, payable in connection
      therewith.

     

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

     

    4.
      NEW
      PURCHASE
      OPTIONS TO BE
      ISSUED.

     

    4.1
      Partial Exercise or Transfer.
      Subject
      to the restrictions in Section 3 hereof, this Purchase Option may be exercised
      or assigned in whole or in part. In the event of the exercise or assignment
      hereof in part only, upon surrender of this Purchase Option for cancellation,
      together with the duly executed exercise or assignment form and funds sufficient
      to pay any Exercise Price (except to the extent the Holder elects to exercise
      this Purchase Option by means of a cashless exercise as provided by Section
      2.3
      above) 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. In addition, the Company shall cause to be
      delivered to any permitted transferee without charge a new Purchase Option
      of
      like tenor to this Purchase Option in the name of such transferee evidencing
      the
      right of such transferee to purchase the number of Units purchasable hereunder
      as to which this Purchase Option has been transferred to such
      transferee.

     

    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.
      For a
      period of five years commencing on the Effective Date, 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 on one occasion (a “Demand Registration”), 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;
      provided, that, if, within five (5) business days after the 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    Company
      receives the Initial Demand Notice, the Chief Executive Officer of the Company
      furnishes to the Majority Holders a certificate stating in good faith that
      the
      Company expects to file a registration statement (other than a registration
      statement relating to the Registrable Securities, any employee benefit plan,
      or
      a registration statement related solely to stock issued upon conversion of
      debt
      securities) within 30 days of the Company’s receipt of the Initial Demand Notice
      and is exercising its right to delay the filing of a Registration Statement
      during the resulting Blackout Period (defined below) (the “Blackout Period
      Certificate”) then (i) the Company shall not be required to take any action
      pursuant to this section 5.1 during such Blackout Period provided that the
      Company is actively employing in good faith all reasonable efforts to cause
      such
      registration statement to become effective, (ii) the Initial Demand Notice
      shall
      be deemed received, for purposes of determining the availability of registration
      rights of the Holders under this Section 5.1, when actually received by the
      Company, and (iii) the Initial Demand Notice shall be deemed received, for
      purposes of determining the timing of any obligation of the Company under this
      Section 5.1, on the first Business Day immediately succeeding the conclusion
      of
      such Blackout Period. The Initial Demand Notice for registration may be made
      at
      any time during a period of five years beginning on the Effective Date;
      provided, that the Majority Holders may not deliver an Initial Demand Notice
      pursuant to this Section 5.1.1 prior to the consummation of a Business
      Combination. The Company shall give written notice of its receipt of any Initial
      Demand Notice by any Holder(s) to all other registered Holders of the Purchase
      Options and/or the Registrable Securities within ten days from the date of
      the
      receipt of any such Initial Demand Notice. Once made, a request for registration
      pursuant to an Initial Demand Notice provided in accordance with this Section
      5.1.1 may not be revoked, except that such a request for registration pursuant
      to an Initial Demand Notice may be revoked (and shall not be deemed to have
      been
      made for purposes of determining the rights of the Holders under this Section
      5.1.1) by the Majority Holders if (i) the Majority Holders have received a
      notice of a Blackout Period from the Company and (ii) the Majority Holders
      provide written notice to the Company within thirty (30) days of receipt of
      any
      such notice of a Blackout Period requesting such revocation for the purpose
      of
      preserving the right to request registration pursuant to an Initial Demand
      Notice at a time subsequent thereto. For purposes of this Section 5, “Blackout
      Period” means a period not to exceed (30) days beginning on the date the
      Company’s Chief Executive Officer furnishes to the Majority Holder the Blackout
      Period Certificate; provided that in the event the Company in fact files such
      registration statement within such 30-day period, such 30-day period shall
      be
      extended until the last day of the distribution period of such primary offering
      of securities. The Company may not delay the ability of the Majority Holders
      to
      exercise any of their rights under this Purchase Option by way of giving notice
      of a Blackout Period more than once in any 12 month period, and any notice
      of a
      Blackout Period given by the Company to the Majority Holders cannot come less
      than six months after a previous Blackout Period notice given by the Company.
      Notwithstanding anything to the contrary herein, a request for registration
      pursuant to an Initial Demand Notice shall not be deemed to have been made
      for
      purposes of determining the rights of the Holders under this Section 5.1.1
      if
      (i) the Majority Holders have requested registration pursuant to an Initial
      Demand Notice and (ii) such registration has not occurred as a result of the
      Company’s failure to comply with its obligations under this Section 5.1. For the
      avoidance of doubt, subject to the other terms and conditions set forth herein,
      the Company is required to effect only one (1) registration at the request
      of
      the Majority Holders under this Section 5.1.1 that is declared or ordered
      effective.

     

    
      5.1.2
        Effective
        Registration.
        A
        registration will not count as a Demand Registration until the registration
        statement filed with the Securities and Exchange Commission (the “Commission”)
        with respect to such Demand Registration has been declared effective and
        the
        Company has complied with all of its obligations under this Purchase Option
        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
      Terms.
      The
      Company shall bear all fees and expenses attendant to registering the
      Registrable Securities, including the reasonable fees and expenses of one legal
      counsel selected by the Majority Holders to represent them in connection with
      the sale of the Registrable Securities. 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.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    5.2
      “Piggy-Back” Registration.

     

    5.2.1
      Grant of Right.
      In
      addition to the demand right of registration, the Holders of the Purchase
      Options shall have the right for a period of seven years commencing on the
      Effective Date, to include the Registrable Securities as part of any other
      registration of securities filed by the Company (other than in connection with
      a
      transaction contemplated by Rule 145(a) promulgated under the Act or pursuant
      to
      Form S-8); provided, however, that if the managing underwriter or underwriters
      for such offering that is to be an underwritten offering advises the Company
      and
      the Holders in writing that the dollar amount or number of Registrable
      Securities that the Holders desire to sell, taken together with all other shares
      of Common Stock or other securities that 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
      holders of the Company’s securities who desire to sell securities, 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)
      If
      the registration is undertaken for the Company’s account or is a “demand”
registration undertaken at the demand of persons who were stockholders of the
      Company prior to the consummation of its initial public offering (the “Initial
      Stockholders”) pursuant to the Registration Rights Agreement, dated as of
                        ,
      2006,
      by and among the Company and the stockholders party thereto (the “Registration
      Rights Agreement”), (A) first, the shares of Common Stock for the account of the
      Initial Stockholders (“Insider Shares”) as to which the registration has been
      requested pursuant to the Registration Rights Agreement, together with all
      other
      shares of Common Stock or other securities that the Company desires to sell
      and
      the Registrable Securities as to which registration has been requested pursuant
      to this Section 5.2 (all pro rata in accordance with the number of shares that
      the Holders, the Company, and/or the Initial Stockholders shall have requested
      to be included in such registration), 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, if any, as to which registration has been requested pursuant to written
      contractual piggy-back registration rights which other shareholders desire
      to
      sell that can be sold without exceeding the Maximum Number of Shares; and (C)
      third, to the extent the Maximum Number of Shares has not been reached under
      the
      foregoing clauses (A) and (B), the shares of Common Stock, if any, that other
      stockholders desire to sell that can be sold without exceeding the Maximum
      Number of Shares; and

     

    (ii)
      If
      the registration is a “demand” registration undertaken at the demand of persons
      other than the holders of Registrable Securities or the Initial Stockholders
      pursuant to written contractual arrangements with such persons, (A) first,
      the
      shares of Common Stock for the account of the demanding persons as to which
      demand registration has been requested, together with all other shares of Common
      Stock or other securities that the Company desires to sell, the Registrable
      Securities as to which registration has been requested pursuant to this Section
      5.2, and the Insider Shares as to which registration has been requested pursuant
      to the Registration Rights Agreement (all pro rata in accordance with the number
      of shares that the demanding stockholders, the Holders, the Company, and/or
      the
      Initial Stockholders shall have requested to be included in such registration),
      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, if any, as to which
      registration has been requested pursuant to written contractual piggy-back
      registration rights which other shareholders desire to sell that can be sold
      without exceeding the Maximum Number of Shares; and (C) third, to the extent
      the
      Maximum Number of Shares has not been reached under the foregoing clauses (A)
      and (B), the shares of Common Stock, if any, that other stockholders desire
      to
      sell that can be sold without exceeding the Maximum Number of Shares.

     

    5.2.2
      Terms.
      The
      Company shall bear all fees and expenses attendant to registering the
      Registrable Securities, including the expenses of one legal counsel selected
      by
      a majority of the Holders to represent them in connection with the sale of
      the
      Registrable Securities but the Holders shall pay any and all underwriting
      discounts and 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. 

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    5.3
      Suspension of Use of Effective Registration Statement.
      If a
      registration statement relating to the registration of Registrable Securities
      under this Section 5 hereof has been declared effective (“Effective Registration
      Statement”), subject to the good faith determination by the Board of Directors
      of the Company that it is reasonably necessary to suspend the use of such
      Effective Registration Statement or sales of Registrable Securities by Holders
      under such Effective Registration Statement, the Company may, upon written
      notice (the “Suspension Notice”) to the Holders, direct the Holders to suspend
      the use of or sales under such Effective Registration Statement for a period
      not
      to exceed thirty (30) days in any three (3) month period or ninety (90) days
      in
      the aggregate in any twelve (12) month period, if any of the following events
      (each, a “Suspension Event”) shall occur: negotiations relating to, or the
      consummation of, a transaction or the occurrence of an event, in each case,
      that
      (i) would require additional disclosure of material information by the Company
      in such Effective Registration Statement or other public filings and which
      has
      not been so disclosed, and (ii) either (x) as to which the Company has a bona
      fide business purpose for preserving confidentiality, or (y) that renders the
      Company unable to comply with SEC requirements or (z) that would make it unduly
      burdensome to promptly amend or supplement such Effective Registration Statement
      on a post-effective basis, as applicable. Upon the occurrence of any such
      Suspension Event, the Company shall use its reasonable best efforts to take
      or
      cause to be taken such action as is necessary to permit resumed use of such
      Effective Registration Statement promptly following the cessation of the
      Suspension Event giving rise to such suspension so as to permit the Holders
      to
      resume use of and sales under such Effective Registration Statement as soon
      as
      practicable thereafter. Upon cessation of the Suspension Event giving rise
      to
      such suspension, the Company shall provide the Holders with prompt written
      notice that the Suspension Event has ceased (the “End of Suspension
      Notice”).

     

    The
      Holders shall not effect any sales of the Registrable Securities pursuant to
      such Effective Registration Statement at any time after it has received a
      Suspension Notice from the Company and prior to receipt of an End of Suspension
      Notice. If so directed by the Company in a Suspension Notice, each Holder will
      deliver to the Company (at the expense of the Company) all copies, other than
      permanent file copies then in such Holder’s possession, of any prospectuses
      covering the Registrable Securities at the time of receipt of such Suspension
      Notice.

     

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

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    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;
      provided that the foregoing shall not be deemed to permit such Holders to
      negotiate the terms of the underwriting agreement (in their capacity as
      Holders). Such Holders shall not be required to make any representations or
      warranties to or agreements with the Company or the underwriters except as
      they
      may relate to such Holders and their intended methods of distribution. Such
      Holders, however, shall agree to such covenants and indemnification and
      contribution obligations for selling stockholders as are customarily contained
      in agreements of that type used by the managing underwriter. Further, such
      Holders shall execute appropriate custody agreements and otherwise cooperate
      fully in the preparation of the registration statement and other documents
      relating to any offering in which they include securities pursuant to this
      Section 5. Each Holder shall also furnish to the Company such information
      regarding itself, the Registrable Securities held by it, and the intended method
      of disposition of such securities as shall be reasonably required to effect
      the
      registration of the Registrable Securities.

     

    5.4.5
      Rule 144 Sale.
      Notwithstanding anything contained in this Section 5 to the contrary, the
      Company shall have no obligation pursuant to 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 promulgated under the Act (“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.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    5.4.7
      Holder Obligations.
      No
      Holder may participate in any underwritten offering pursuant to this Section
      5
      unless such Holder (i) agrees to sell only the Holder’s Registrable Securities
      on the basis reasonably provided in any underwriting agreement, and (ii)
      completes, executes and delivers any and all questionnaires, powers of attorney,
      custody agreements, indemnities, underwriting agreements and other documents
      reasonably and customarily required by or under the terms of any underwriting
      agreement.

     

    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 $10.00 per whole Unit
      (each Warrant underlying the Units is exercisable for $7.50 per share), upon
      effectiveness of the dividend, this Purchase Option will be adjusted to allow
      for the purchase of one Unit at $10.00 per Unit, each Unit entitling the holder
      to receive two shares of Common Stock and two Warrants (each Warrant exercisable
      for $3.75 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 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.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    6.2
      [Intentionally Omitted]

     

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

     

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

     

    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.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    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 Chief Executive Officer 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 next-day 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:

     

    Shine
      Media Acquisition Corp.

    Rockefeller
      Center

    1230
      Avenue of the Americas, 7th Floor

    New
      York,
      New York 10020

    Attention:
      David Y. Chen, Chief Executive Officer

     

    9.
      MISCELLANEOUS.

     

    9.1
      Amendments.
      The
      Company and Merriman Curhan 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 Merriman Curhan may deem necessary or desirable and that the Company and
      Merriman Curhan deem shall not adversely affect the interest of the Holders.
      All
      other modifications or amendments shall require the written consent of and
      be
      signed by the party against whom enforcement of the modification or amendment
      is
      sought.

     

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

     

    10.
      ENTIRE
      AGREEMENT.

     

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

     

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

     

    10.2
      Governing Law; Submission to Jurisdiction.
      This
      Purchase Option shall be governed by and construed and enforced in accordance
      with the laws of the State of New York, without giving effect to conflict
      of
      laws.
      The Company hereby agrees that any action, proceeding or claim against it
      arising out of, or relating in any way to this Purchase Option shall be brought
      and enforced in the courts of the State of New York or of the United States
      of
      America for the Southern District of New York, and irrevocably submits to such
      jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives
      any objection to such exclusive jurisdiction and that such courts represent
      an
      inconvenient forum. Any process or summons to be served upon the Company may
      be
      served by transmitting a copy thereof by registered or certified mail, return
      receipt requested, postage prepaid, addressed to it at the address set forth
      in
      Section 8 hereof. Such mailing shall be deemed personal service and shall be
      legal and binding upon the Company in any action, proceeding or claim. The
      Company and the Holder agree that the prevailing party(ies) in any such action
      shall be entitled to recover from the other party(ies) all of its(their)
      reasonable attorneys’ fees and expenses relating to such action or proceeding
      and/or incurred in connection with the preparation therefor.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

    10.6
      Underlying Warrants.
      At any
      time after exercise by the Holder of this Purchase Option, the Holder may
      exchange his Warrants (with a $7.50 exercise price) for Public Warrants (with
      a
      $6.25 exercise price) upon payment to the Company of the difference between
      the
      exercise price of his Warrant and the exercise price of the Public
      Warrants.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    IN
      WITNESS
      WHEREOF,
      the
      Company has caused this Purchase Option to be signed by its duly authorized
      officer as of the             
      day of
            ,
      2006.

     

    
      	 	 	 	 
	 	
              SHINE
                MEDIA
                ACQUISITION
                CORP.

            
	 	 	 
	 	
              By:

            	
               

            	
                

            
	 	
               

            	
               

            	
              Name:
                David Y. Chen

            
	 	
               

            	
               

            	
              Title:
                Chief Executive Officer
                and President

            

    

     

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    Form
      to
      be used to exercise Purchase Option:

     

    Shine
      Media Acquisition Corp.

    Rockefeller
      Center

    1230
      Avenue of the Americas, 7th Floor

    New
      York,
      New York 10020

     

    Date:
                              ,
      200
  

     

    The
      undersigned hereby elects irrevocably to exercise all or a portion of the within
      Purchase Option and to purchase             
      Units of
      Shine Media 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” of $             
      based on
      a “Market Price” of $             
      ).
      Please issue the securities comprising the Units as to which this Purchase
      Option is exercised in accordance with the instructions given
      below.

     

    
      	 	 

	 	
              Signature

            
	 	 
	 	 

	 	
              Signature
                Guaranteed                                                  

            

    

     

    INSTRUCTIONS
      FOR REGISTRATION OF SECURITIES

     

    
      	 	 	 	 
	
              Name

            	
               

            	
               

            	 
	
               

            	
               

            	
              (Print
                in Block Letters)

            	 
	 	 	 
	
              Address

            	
               

            	
               

            	 

    

     

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

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

     

    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
      Shine Media 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

                
	 	 
	 	 

	 	
                  Signature
                    Guaranteed                                                  

                

        

         

      

       

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

       

    

    
      
        
        

      

      
        B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}]]