Document:

Consulting Agreement

This Agreement is made on the ___ day of February 2007 by and between GlobeTel
Communications Corporation, a Delaware Corporation, a publicly traded company
whose common stock trades under the symbol GTEM, GlobeTel Wireless, Corp., a
Florida corporation ("GlobeTel Wireless"), which is a wholly owned subsidiary of
GTEM (GlobeTel Wireless and GlobeTel Communications Corporation are referred to
herein as "GlobeTel"), and Ulrich Altvater, an individual (referred to herein as
"Altvater").

                                    Recitals

Whereas, GlobeTel and Altvater wish to redefine the relationship and define
rights, compensation and property in a new relationship. Altvater will become a
consultant for GlobeTel subject to the terms and conditions of this Consulting
Agreement. Altvater will be free to pursue his own development and customers in
his own business while serving as a Consultant to GlobeTel Wireless, subject to
the terms and conditions set forth below.

Now, therefore, in consideration of the mutual covenants contained in this
Agreement, the parties agree to with the following terms and conditions:

                             Recitals And Compromise

The above stated recitals true and correct and made a part hereof.

                            Consideration To Altvater

      a.    Office Supplies and Equipment. The title and ownership of any office
            supplies and equipment set forth on Exhibit B hereof, and which is
            located at 2675 South Horseshoe Avenue, Suite 401, Naples, Florida,
            shall be transferred to Altvater upon execution hereof. Full title
            of any property or asset on Exhibit B and transferred to Altvater
            under this agreement shall be transferred to and vest in Altvater
            upon execution hereof and shall be taken free and clear of any
            liens, debts, obligations or encumbrances on the date of execution
            of this Agreement, and Altvater shall then be given immediate
            possession of the foregoing.

      b.    Intellectual Property. Any Technology or Intellectual Property
            ("Intellectual Property") developed by Altvater after the execution
            of this agreement will be the sole property of Altvater
            (Intellectual Property shall include all trademarks, service marks,
            trade names, together with all goodwill, registrations and
            applications related to the foregoing ,patents, designs, design
            registrations or applications, works of authorship, trade secrets
            and other confidential information, know how, proprietary processes,
            formulae, algorithms, models, methodologies, computer software
            programs or applications, databases, schematics, designs and
            tangible or intangible proprietary information or material
            inventions and discoveries, whether patentable or not, patents,
            registrations, invention disclosures and applications, confidential
            information, know how, processes, business methods, formulae,
            drawings, prototypes, models, designs, customer lists, computer
            programs, source code, and executable code, whether embodied in
            software, architecture, documentation, designs, files, records,
            databases, and data, inventions (whether or not patentable),
            discoveries, improvements, technology, and proprietary and
            confidential information.) If GlobeTel engages Altvater to develop
            any technology, the Intellectual Property paid for by GlobeTel shall
            be the exclusive property of GlobeTel. This Agreement is not a
            license to any Intellectual Property currently owned or licensed by
            GlobeTel (except as set forth in subpart "c" below), including but
            not limited to the assets purchased from HotZone Wireless LLC,
            pursuant to that certain Asset Purchase Agreement, dated June 2,
            2005. Any subsequent development of Intellectual Property by
            Altvater shall not be a derivative of nor a modification of the
            Intellectual Property owned by GlobeTel. It is acknowledged that
            Altvater developed or is developing certain Intellectual Property
            currently and that such development may have taken place while
            Altvater was employed by GlobeTel. Globetel does not claim any
            ownership of this Intellectual Property that was developed
            independently of the GlobeTel Intellectual Property on Altvater's
            own time and at Altvater's own expense. The foregoing shall not
            preclude Altvater from acquiring equipment or services from the same
            third-party suppliers as GlobeTel.

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                                                                     Page 1 of 6

_______________________________
Ulrich Altvater, Individually

_______________________________                       __________________________
Globetel Communications, Corp.                          Globetel Wireless, Corp.

<PAGE>

      c.    Licenses. GlobeTel grants Altvater a license for the licenses and
            all rights it holds with [***], Inc. and with [***] pursuant to the
            assignable license agreements attached hereto as Exhibits C and D,
            for a period of ninety nine (99) years, or for as long as GlobeTel
            maintains the license. In connection herewith, Globetel will attempt
            to obtain, within ten days after execution of this Agreement, a
            consent of the foregoing assignments from Wavesat, Inc. and with
            TimeSys Corporation. Altvater understands that the consent is
            granted by [***] and [***] and is not under the control of GlobeTel.

      d.    Lab Equipment. By permission of GlobeTel, which may not be
            unreasonably withheld, Altvater shall have use of all lab equipment
            and field equipment that GlobeTel currently owns which is currently
            set forth as Exhibit E and which GlobeTel agrees to maintain in good
            working order during the term of this Agreement.

                                      Term

GlobeTel hereby engages the non-exclusive services of Altvater for a period of
one (1) year beginning from the execution of this agreement and terminating 365
days thereafter ("the Term"), in exchange for payment of $45,000 per calendar
month payable in two installments of equal parts on the 15th and the 28th of
each month beginning the 28th of February. At the end of the Term, either party
may terminate the relationship, or it may be extended subject to such
modifications as may be agreed in writing by both parties.

                           Future Services Of Altvater

Altvater shall provide or cause the services, set forth below, to be provided to
GlobeTel. The services may be provided by Altvater directly or by his direct
employees, and may be provided by a corporate or other entity or assign selected
by Altvater by mutual agreement of the parties. If GlobeTel fails to make the
monthly payment within the timeframe defined within this paragraph, Altvater
will not be responsible for providing services under this contract to GlobeTel.
If GlobeTel fails to make two consecutive payments to Altvater, the contract
will be deemed terminated and Altvater will be granted 150% of the monies due
for services rendered payable in test equipment or inventory as calculated in
replacement value as determined by ______________________________________. In
such event, test equipment and inventory shall be transferred to Altvater free
of all liens and encumbrances.

      a.    Support. Altvater shall provide up to [***] support hours per month
            to assist GlobeTel to plan, install, and operate a HotZone Suite of
            Products and to train GlobeTel's personnel in planning, installing
            and operating the HotZone Product Suite. Such support hours may be
            accomplished on-site or off-site in Florida and shall be provided by
            Altvater employees or consultants mutually agreed upon by the
            parties. GlobeTel will provide Altvater with seven (7) days written
            notice in advance of the date that its physical presence is required
            for off-site services to be provided in Mexico. If such notice is
            provided then Altvater shall pay all travel expense for one off-site
            assignment and GlobeTel shall pay all other expenses for off-site
            services. If GlobeTel makes off-site requests without at least a
            7-day notice, GlobeTel will be responsible for all travel expenses
            for the support personnel to any location.

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                                                                     Page 2 of 6

_______________________________
Ulrich Altvater, Individually

_______________________________                       __________________________
Globetel Communications, Corp.                          Globetel Wireless, Corp.

<PAGE>

      b.    Additional Hours. If more support hours than the [***] stated
            above in (a) are needed and requested by GlobeTel, GlobeTel shall
            pay Altvater a fee of $120 per hour for each additional support hour
            required.

      c.    Units. Altvater will build up to [***] units per month of the
            HotZone 4010 for GlobeTel at Altvater's offices in Naples, Florida.
            Cost of assembly and testing of such units is included in the
            monthly cost set forth in this agreement, except for the cost of
            parts as set forth in subparagraph d below.

      d.    Costs. GlobeTel will order and pay for all materials of the HotZone
            4010s to be assembled as per subparagraph c above, and will pay all
            shipment costs, FOB Naples, Florida.

      e.    Modifications. GlobeTel will pay for any functional modifications to
            the HotZone 4010 performed by Altvater at such rates as determined
            by Altvater and customarily charged by or planned to be charged by
            Altvater when it commences operations. Any modifications paid for by
            GlobeTel will be the excusive intellectual property of GlobeTel.

      f.    Right of First Refusal. For a period of one (1) year after execution
            hereof, GlobeTel have the right of first refusal to purchase from
            Altvater any newly developed wireless system or radio developed by
            Altvater, at the cost of $1,250 per unit if any unit is in a die
            cast mold, or at the best price provided to any other customer,
            whichever is less. After the first one (1) year after execution
            hereof, GlobeTel shall have the option of purchasing any unit upon
            the best terms and conditions as any other offer accepted by
            Altvater.

      g.    Intellectual Property. Apart from the HotZone product line, any
            intellectual property, technology, and/or product developed by
            Altvater subsequent to this Agreement, shall be the exclusive
            property of Altvater, to which GlobeTel shall have no rights, unless
            otherwise provided for in this Agreement. Any intellectual Property
            paid for by GlobeTel to Altvater for the any development, repair or
            maintenance of the HotZone Product Line will be the exclusive
            property of GlobeTel.

      h.    Default. In the event that any party breaches any obligation or
            terms and conditions within this agreement, for any reason, the
            party may deliver to the default party a default notice detailing
            the default event and if the default is not cured by that party
            within seven (7) days after the default notice is given. In the case
            of GlobeTel being called into default Altvater may hold as
            collateral any inventory or test equipment that is the property of
            GlobeTel until the default is cured. In the case of a default is not
            cured by Altvater, Altvater shall lose all rights granted to him
            under this agreement including but not limited to those set forth in
            section entitled "Consideration to Altvater" and any unvested stock
            options granted to Altvater shall be lost.

                   Representations And Warranties Of GlobeTel.

Absence of Conflicting Agreements. Neither the execution and delivery of this
Agreement or any of the consummation by GlobeTel of the transactions
contemplated hereby, nor compliance by GlobeTel with any provisions contained
herein will (i) conflict with or result in any breach of any provision of the
Articles of Incorporation or Bylaws of GlobeTel; (ii) result in a default (or
give rise to any right of termination, cancellation or acceleration) under any
of the terms, conditions or provisions of any indenture, mortgage, agreement,
lien, license, government registration, contract, lease, or other instrument or
obligation to which GlobeTel is a party or by which GlobeTel or any of its
assets may be bound, or result in the creation of any mortgage, pledge, lien,
encumbrance or charge upon any of the properties or assets of GlobeTel; or (iii)
violate any order, writ, judgment, injunction, decree, statute, ordinance, rule
or regulation applicable to GlobeTel or any of its assets.

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                                                                     Page 3 of 6

_______________________________
Ulrich Altvater, Individually

_______________________________                       __________________________
Globetel Communications, Corp.                          Globetel Wireless, Corp.

<PAGE>

Governmental Consents. No consent, waiver, approval, authorization or permit of,
or designation, declaration or filing with or notification to, any governmental
or regulatory authority on the part of GlobeTel is required in connection with
the valid execution and delivery of this Agreement, or is or was required for
the offer, sale or issuance of the Securities.

Litigation. There is no pending or currently threatened claim or action, suit,
arbitration, proceeding or investigation before any court, arbitrator or
government commission or agency against GlobeTel or against any other person or
entity, except as disclosed in GlobeTel's public filings (i) which questions or
would affect the validity or enforceability of this Agreement, or the further
documents, instruments or agreements referred to or provided for herein or
GlobeTel's right to enter into the same or to consummate transactions
contemplated hereby, (ii) which might reasonably be expected to have an adverse
effect on GlobeTel's assets or its business, (iii) which may affect GlobeTel's
ability to conduct its business as presently conducted or as proposed to be
conducted, or (iv) which might result in any change in the business, assets,
condition, affairs, operations, properties or prospects of GlobeTel, financially
or otherwise; nor is GlobeTel aware that there is any basis for any of the
foregoing. The foregoing includes, without limitation, actions pending or
threatened (or any basis therefore known to GlobeTel) involving the prior
employment of any of GlobeTel's employees or consultants, their use in
connection with the business of GlobeTel of any information or techniques
allegedly proprietary to any of their former employers or GlobeTel, or their
obligations under any agreements with prior employers or GlobeTel. GlobeTel is
not subject to the provisions of any order, writ, injunction, judgment or decree
of any court or governmental agency or instrumentality. There is no litigation
against any third party by GlobeTel involving its business.

Compliance. This agreement is full of common statements that are covered by
common law. If we enter into an agreement in conflict with such a paragraph, it
would be fraud.

                              Additional Covenants.

Employees and Consultants. Within 30 days of the execution of the agreement,
Altvater may extend an offer of employment to any of GlobeTel Wireless's former
or current US-based employees without objection of GlobeTel.

Restriction. GlobeTel will allow Altvater to produce and sell the HotZone
Product Line as an authorized reseller. With GlobeTel's permission, Altvater may
hold seminars, market, advertise, distribute, making demonstrations and/or
pilots of the HotZone Product Line with any party including prospective
customers of Altvater. GlobeTel shall approve any marketing materials used by
Altvater with regard to the HotZone Product Line prior to their distribution.

Sales. If Altvater sells any of the HotZone Product Line, GlobeTel shall receive
50% of the profit from such sale and Altvater shall receive the remaining 50% of
profit from the sale. All pricing for the HotZone Product Line shall be at
prices and upon such terms that are acceptable to the parties. GlobeTel, using
its reasonable commercial discretion, may reject any sale by Altvater that it is
directly competitive to a proposal already submitted to a customer or potential
customer of GlobeTel.

  [***] Denotes information for which confidential treatment has been requested

                                                                     Page 4 of 6

_______________________________
Ulrich Altvater, Individually

_______________________________                       __________________________
Globetel Communications, Corp.                          Globetel Wireless, Corp.

<PAGE>

                                  Miscellaneous

Successors and Assigns. The rights and obligations of GlobeTel and Altvater
shall be binding upon and benefit the successors, assigns, heirs, administrators
and transferees of GlobeTel and Altvater. This agreement shall be assignable by
Altvater at his discretion.

Amendments and Waivers. Any term of this Agreement may be amended and the
observance of any term of this Agreement may be waived (either generally or in a
particular instance and either retroactively or prospectively), with the written
consent of GlobeTel and Altvater.

Survival. The representations, warranties, covenants and agreements made by the
parties herein shall survive the transactions contemplated hereby.

Notices. All notices and other communications required or permitted hereunder
shall be in writing, shall be effective when given, and shall in any event be
deemed to be given upon receipt or, if earlier, if delivered by facsimile
transmission at the number below. All notices and communications shall are set
forth below:

         GlobeTel Communications, Corp.
         9050 Pines Blvd., Suite # 255
         Pembroke Pines, FL 33024
         Telephone (954) 241-0590, Facsimile (954) 272-0380

         Ulrich Altvater
         4916 Rustic Oaks Circle
         Naples, FL 34105
         Telephone (239) 961-7361

Governing Law and Arbitration. This Agreement shall be governed by and construed
in accordance with the laws of the State of Florida applicable to contracts
executed and performed in such State, without giving effect to conflict of law
principles. All controversies, claims and matters of difference arising between
the parties under this Agreement shall be submitted to binding arbitration in
Broward County, Florida under the Commercial Arbitration Rules of the American
Arbitration Association ("the AAA") from time to time in force (to the extent
not in conflict with the provisions set forth herein). This Agreement to
arbitrate shall be specifically enforceable under applicable law in any court of
competent jurisdiction. Notice of the demand for arbitration shall be filed in
writing with the other parties to this Agreement and with the AAA. Once the
arbitral tribunal has been constituted in full, a hearing shall be held and an
award rendered as soon as practicable. The demand for arbitration shall be made
within a reasonable time after the claim, dispute or other matter in question
has arisen, and the parties are not making progress toward a resolution. In no
event shall it be made after the date when institution of legal or equitable
proceedings based on such claim, dispute or other matter would be barred by the
applicable contractual or other statutes of limitations. The parties shall have
reasonable discovery rights as determined by the arbitration. The award rendered
by the arbitrators shall be final and judgment may be entered in accordance with
applicable law and in any court having jurisdiction thereof. The decision of the
arbitrators shall be rendered in writing and shall state the manner in which the
fees and expenses of the arbitrators shall be borne.

  [***] Denotes information for which confidential treatment has been requested

                                                                     Page 5 of 6

_______________________________
Ulrich Altvater, Individually

_______________________________                       __________________________
Globetel Communications, Corp.                          Globetel Wireless, Corp.

<PAGE>

Counterparts. This Agreement may be executed in two or more counterparts, all of
which shall be considered one and the same agreement and shall become effective
when counterparts have been signed by each party and delivered to the other
party. This Agreement, once executed by a party, may be delivered to the other
parties hereto by facsimile transmission of a copy of this Agreement bearing the
signature of the party so delivering this Agreement. In the event any signature
is delivered by facsimile transmission, the party using such means of delivery
shall cause the manually executed Execution Page(s) hereof to be physically
delivered to the other party within five (5) days of the execution hereof,
provided that the failure to so deliver any manually executed Execution Page
shall not affect the enforceability of this Agreement.

Services. All Services and products provided by Altvater pursuant to this
Agreement are sold and/or rendered "as is," and Altvater makes no warranties,
express or implied, with respect thereto and expressly disclaims any implied
warranties of merchantability or fitness for a particular purpose.
Notwithstanding the foregoing all products delivered to GlobeTel shall have been
assembled in a workman-like manner and be free of defects related to such
workmanship for a period of 90 days.

Headings. The headings of this Agreement are for convenience of reference and
shall not form part of, or affect the interpretation of, this Agreement

Severability. If any provision of this Agreement shall be invalid or
unenforceable in any jurisdiction, such invalidity or unenforceability shall not
affect the validity or enforceability of the remainder of this Agreement or the
validity or enforceability of this Agreement in any other jurisdiction.

Entire Agreement. Amendments. This Agreement and the instruments referenced
herein contain the entire understanding of the parties, their affiliates and
persons acting on their behalf with respect to the matters covered herein and
therein and, except as specifically set forth herein. No provision of this
Agreement may be waived other than by an instrument in writing signed by the
party to be charged with enforcement.

In witness whereof, this Agreement has been executed on the date first written
above.

/s/ Ulrich Altvater
-----------------------------------
By:  Ulrich Altvater

GlobeTel Communications, Corp.              GlobeTel Wireless, Corp.

/s/ Peter Khoury                            /s/ Peter Khoury
-----------------------------------         -----------------------------------
By: Peter Khoury Chief Executive            By: Peter Khoury Chief Executive
    Officer                                     Officer

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                                                                     Page 6 of 6

_______________________________
Ulrich Altvater, Individually

_______________________________                       __________________________
Globetel Communications, Corp.                          Globetel Wireless, Corp.WARRANT
      AGREEMENT

     

    This
      Warrant Agreement (this “Agreement”) made as of April 19, 2007, by and between
      Pinpoint Advance Corp., a Delaware corporation, with offices at 4 Maskit
      Street

     

    Herzeliya,
      Israel 46700 (“Company”), and American Stock Transfer & Trust Company, a New
      York corporation, with offices at 59 Maiden Lane, New York, New York 10038
      (“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 up
      to (i) 2,875,000 Warrants (the “Public Warrants”) to the public investors, each
      of such Public 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 $7.50, subject to adjustment as described herein, and
      (ii) 125,000 Warrants to Maxim Group LLC as representative of the underwriters
      (the “Underwriters”)
      or its
      designees (the “Underwriter’s
      Warrants”),
      with
      each of such Underwriter’s Warrants evidencing the right of the holder thereof
      to purchase one share of Common Stock for $7.50, subject to adjustment as
      described herein.

     

    WHEREAS,
      the Company has filed with the Securities and Exchange Commission (the “SEC”) a
      Registration Statement, No. 333-138110 on Form S-1 (“Registration
      Statement”) for the registration under the Securities Act of 1933, as amended
      (“Act”) of, among other securities, the Public Warrants, the Underwriter’s
      Warrants and the Common Stock issuable upon exercise of each of the Public
      Warrants and the Underwriter’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 and exercise of the Public
      Warrants, the Underwriter’s Warrants and 1,500,000 warrants (“Private Warrants”,
      together with the Public Warrants and the Underwriter’s Warrants shall be
      referred to collectively as the “Warrants”) issued in connection with a
      Regulation S private placement prior to the consummation of the Public Offering;
      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. The Public Warrants and the
      Underwriter’s Warrants shall be in substantially the form of Exhibit A hereto
      and the Private Warrants shall be in substantially the form of Exhibit B hereto,
      the provisions of each of which are incorporated herein, and shall be signed
      by,
      or bear the facsimile signature of, the Chief Executive Officer or President
      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 Public Warrants.
      The
      securities comprising the Units will begin to trade separately on the 90th
      trading day after the effective date of the Registration Statement, provided
      that in no event may the separate trading of the securities comprising the
      Units
      occur until the Company files with the SEC a Current Report on Form 8-K, which
      includes an audited balance sheet reflecting the receipt by the Company of
      the
      gross proceeds of the sale of the Private Warrants and the Public Offering,
      including the proceeds received by the Company from the exercise of the
      Underwriters' over-allotment option, if the over-allotment option is exercised
      on the date of the effective date of the Registration Statement (the "BALANCE
      SHEET 8-K"). The securities comprising the Units may begin to trade separately
      earlier than on the 90th trading date after the effective date of the
      Registration Statement if Maxim Group LLC, informs the Company of its decision
      to allow earlier separate trading, provided that in no event may the earlier
      separate trading of the securities comprising the Units occur until the Company
      files with the SEC the Balance Sheet 8-K and the Company issues a press release
      and files with the SEC a Current Report on Form 8-K announcing when such
      separate trading will begin.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    3.  Terms
      and Exercise of Warrants.

     

    3.1  Warrant
      Price.
      Each
      Warrant shall, when countersigned by the Warrant Agent, entitle the registered
      holder thereof, subject to the provisions of such Warrant and of this Warrant
      Agreement, to purchase from the Company the number of shares of Common Stock
      stated therein, at the price of $7.50 per whole share, subject to the
      adjustments provided in Section 4 hereof and in the last sentence of this
      Section 3.1. The term “Warrant Price” as used in this Warrant Agreement refers
      to the price per share at which Common Stock may be purchased at the time a
      Warrant is exercised. The Company in its sole discretion may lower the Warrant
      Price at any time prior to the Expiration Date for a period of not less than
      ten
      business days, provided that any such reduction shall be identical among all
      of
      the Warrants. The Private Warrants may be exercised on a “cashless” basis
      provided that at the time of exercise they are held by the original purchaser
      thereof, or their permitted assigns. In the event the Private Warrants are
      exercised on a “cashless” basis the holder thereof shall surrender his or her
      Private Warrant for that number of shares of Common Stock equal to the quotient
      obtained by dividing (x) the product of the number of shares of Common Stock
      underlying the Private Warrant, multiplied by the difference between the Warrant
      Price and the Fair Market Value (as defined below) by (y) the Fair Market Value.
      The "FAIR MARKET VALUE" shall mean the average reported last sale price of
      the
      Common Stock for the 10 trading days ending on the third business day prior
      to
      the date on which notice of exercise is received by the Company.

     

    3.2  Duration
      of Warrants.
      

    

    3.2.1
      Public Warrants and Underwriter’s Warrants. A Public Warrant or Underwriter’s
      Warrant may be exercised only during the period commencing on the later of:
      (i)
      the consummation by the Company of a merger, capital stock exchange, asset
      acquisition or other similar business combination (as described more fully
      in
      the Registration Statement, “Business Combination”), or (ii) April 19, 2008 and
      terminating at 5:00 p.m., New York City time on the earlier to occur of (x)
      April 19, 2011 or (y) the date fixed for redemption of the Warrants as provided
      in Section 6 of this Agreement. Notwithstanding the foregoing, no Public Warrant
      or Underwriter’s Warrant shall be exercisable unless, at the time of exercise, a
      registration statement relating to the Common Stock issuable upon the exercise
      of such Public Warrant or Underwriter’s Warrant is effective and current and a
      prospectus is available for use by the holders thereof and the Common Stock
      has
      been qualified or deemed to be exempt under the securities laws of the state
      of
      residence of the holder of such Public Warrants or Underwriter’s
      Warrants

     

    3.2.2  Private
      Warrants. A Private Warrant may be exercised only during the period commencing
      on the later of: (i) the consummation by the Company of a merger, capital stock
      exchange, asset acquisition or other similar business combination (as described
      more fully in the Registration Statement, “Business Combination”), or (ii) April
      19, 2008 and terminating at 5:00 p.m., New York City time on the earlier to
      occur of (x) April 19, 2011 or (y) the date fixed for redemption of the Warrants
      as provided in Section 6 of this Agreement. The Private Warrants are not subject
      to redemption so long as they are held by their initial purchasers or their
      permitted designees.

     

    
      
         

      

      
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    3.2.3  General.
      The period during which a Warrant may be exercised shall be deemed the “Exercise
      Period” and the termination of such Exercise Period shall be deemed the
“Expiration Date”. Except with respect to the right to receive the Redemption
      Price (as set forth in Section 6 hereunder), each Warrant not exercised on
      or
      before the Expiration Date shall become void, and all rights thereunder and
      all
      rights in respect thereof under this Agreement shall cease at the close of
      business on the Expiration Date. The Company in its sole discretion may extend
      the duration of the Warrants by delaying the Expiration Date; provided, however,
      that the Company will provide notice to registered holders of the Warrants
      of
      such extension of not less than 20 days and, further provided that any such
      extension shall be identical in duration among all of the Warrants.

     

    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 Warrant, duly
      executed 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, 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 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.

     

    
      
         

      

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

     

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

     

    3.3.5  Warrant
      Solicitation and Warrant Solicitation Fee.

     

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

     

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

     

    
      
         

      

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

     

    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.

     

    
      
         

      

      
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    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.  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.

     

    
      
         

      

      
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    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.

     

    6.  Redemption.

     

    6.1  Redemption.
      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 6.3, 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
      $14.25 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 in order for the Company to exercise its redemption
      rights pursuant to this Section 6. The provisions of this Section 6.1 may not
      be
      modified, amended or deleted without the prior written consent of Maxim. The
      Private Warrants are not subject to this Section 6 provided they are held by
      the
      initial purchasers thereof, or their permitted designees.

     

    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.

     

    
      
         

      

      
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    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.

     

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

     

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

     

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

     

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

     

    7.4  Registration
      of Common Stock.
      The
      Company agrees that prior to the commencement of the Exercise Period, it shall
      use its best efforts to 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, and it shall use its best efforts to take
      such
      action as is necessary to qualify for sale, in those states in which the
      Warrants were initially offered by the Company, the 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 use its best efforts to maintain the effectiveness of
      such registration statement until the expiration of the Warrants in accordance
      with the provisions of this Warrant Agreement; provided, however, the Company
      shall not be obligated to deliver Common Stock and shall not have penalties
      for
      failure to deliver Common Stock if a registration statement is not effective
      at
      the time of exercise by the holder. 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 the exercising warrant holders to the extent an exemption
      is not available. The provisions of this Section 7.4 may not be modified,
      amended or deleted without the prior written consent of Maxim. Notwithstanding
      the foregoing, a Warrant can expire unexercised regardless of whether a
      registration statement is current under the Act 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 or shares of Common
      Stock or other consideration as of result of the Company's non-compliance with
      this Section 7.4.

     

    
      
         

      

      
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    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. Any
      successor Warrant Agent, whether appointed by the Company or by such court,
      shall be a corporation organized and existing under the laws of the State of
      New
      York, in good standing and having its principal office in the Borough of
      Manhattan, City and State of New York, and authorized under such laws to
      exercise corporate trust powers and subject to supervision or examination by
      federal or state authority. After appointment, any successor Warrant Agent
      shall
      be vested with all the authority, powers, rights, immunities, duties, and
      obligations of its predecessor Warrant Agent with like effect as if originally
      named as Warrant Agent hereunder, without any further act or deed; but if for
      any reason it becomes necessary or appropriate, the predecessor Warrant Agent
      shall execute and deliver, at the expense of the Company, an instrument
      transferring to such successor Warrant Agent all the authority, powers, and
      rights of such predecessor Warrant Agent hereunder; and upon request of any
      successor Warrant Agent the Company shall make, execute, acknowledge, and
      deliver any and all instruments in writing for more fully and effectually
      vesting in and confirming to such successor Warrant Agent all such authority,
      powers, rights, immunities, duties, and obligations.

     

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

     

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

     

    
      
         

      

      
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    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 or Chief
      Operating 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.

     

    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.

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    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:

     

    Pinpoint
      Advance Corp.

    4
      Maskit
      Street

    Herzeliya,
      Israel 46700

    Attn:
        Adiv Baruch 

    President

     

    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:

    

    American
      Stock Transfer & Trust Company

    59
      Maiden
      Lane, Plaza Level

    New
      York,
      New York 10038

    Attn:
      Herb Lemmer, Vice President

     

    with
      a
      copy in each case to:

     

    Richardson
      & Patel LLP

    405
      Lexington Avenue

    New
      York,
      New York 10174

    Attn:
       Jody R. Samuels

     

    and

    Ellenoff
      Grossman & Schole LLP

    370
      Lexington Avenue

    New
      York,
      New York 10017

    Attn:
        Douglas Ellenoff, Esq.

     

    and

    Maxim
      Group LLC

    405
      Lexington Avenue

    New
      York,
      New York 10174

    Attn:
      Clifford A. Teller, Managing Director

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    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 and, for the purposes of Sections 3.3.5,
      6.1,
      7.4, 9.2 and 9.8 hereof, Maxim, any right, remedy, or claim under or by reason
      of this Warrant Agreement or of any covenant, condition, stipulation, promise,
      or agreement hereof. Maxim shall be deemed to be a third-party beneficiary
      of
      this Warrant Agreement with respect to Sections 3.3.5, 6.1, 7.4, 9.2 and 9.8
      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 Maxim with respect to the Sections 3.3.5, 6.1, 7.4,
      9.2 and 9.8 hereof) and their successors and assigns and of the registered
      holders of the Warrants.

     

    9.5  Examination
      of the Warrant Agreement.
      A copy
      of this 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.

     

    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 each of Maxim and 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.

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    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.

     

    [remainder
      of document continued on next page]

     

    

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

     

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

     

    

    
      	
              Attest:_____________________________

               

               

               

               

            	
              PINPOINT
                ADVANCE CORP.

               

              By:
                /s/
                Adiv
                Baruch                                  
                

              Adiv
                Baruch

              President

            
	 	 
	 	 
	
              Attest:
                /s/
                Susan
                Silber                                        
                

               

            	
              AMERICAN
                STOCK TRANSFER & TRUST COMPANY

               

              By:
                /s/
                Herbert J.
                Lemmer                        
                

              Name:
                Herbert J. Lemmer

              Title:
                Vice President

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