Document:

Exhibit 4.4

 

THIS WARRANT AND THE SHARES OF CAPITAL STOCK ISSUED
UPON ANY EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD OR OTHERWISE
TRANSFERRED BY ANY PERSON, INCLUDING A PLEDGEE, UNLESS (1) EITHER (A) A
REGISTRATION STATEMENT WITH RESPECT THERETO SHALL BE EFFECTIVE UNDER THE
SECURITIES ACT, OR (B) THE COMPANY SHALL HAVE RECEIVED AN OPINION OF
COUNSEL SATISFACTORY TO THE COMPANY THAT AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT IS AVAILABLE, AND (2) THERE SHALL HAVE BEEN COMPLIANCE
WITH ALL APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS.

 

 

	
  No. IW-001

  	
  For the Purchase

  
	
   

  	
  of 400,000 shares

  
	
   

  	
  of Common Stock

  

 

WARRANT TO PURCHASE 

COMMON STOCK

OF

TRANSTECH SERVICES PARTNERS INC.

(a Delaware corporation)

 

TransTech Services Partners Inc., a Delaware
corporation (the “Company”), for
value received, hereby certifies that TSP Ltd. (or any permitted transferee,
the “Holder”), is entitled,
subject to the terms set forth below, to purchase from the Company, at any time
or from time to time at or before the earlier of (i) 5:00 p.m.
Eastern Standard Time on [             ]
[five years following the date of the
prospectus] (the “Expiration Date”),
(ii) the termination of this Warrant as provided in Section 8 hereof,
or (iii) the redemption of this Warrant as provided in Section 9
hereof, 400,000 shares of Common Stock, par value $0.0001 per share, of the
Company (the “Common Stock”), at a
purchase price per share equal to FOUR DOLLARS AND TEN CENTS ($4.10) per share,
as adjusted upon the occurrence of certain events as set forth in Section 3
of this Warrant. The shares of stock issuable upon exercise of this Warrant,
and the purchase price per share, are hereinafter referred to as the “Warrant Stock” and the “Purchase Price,” respectively.

 

1.                                       Exercise

 

1.1                                 Manner
of Exercise; Payment in Cash. This Warrant may be exercised by the
Holder, in whole or in part:

 

(a)                                  commencing
90 days following the closing of the Company’s first Business Combination (as
defined in the Company’s Certificate of Incorporation) (the “Initial Business Combination”) (i) as
to one-half of the shares covered by this Warrant, if, and only if, the last
sales price of the Common Stock exceeds $7.00 per share for any 20 trading days
within a 30 trading day period beginning after such Initial Business
Combination, and (ii) as to the remaining shares covered by this Warrant,
if and only if, the last sales price of the Common Stock exceeds $8.00 per
share for any 20 trading days within a 30 trading day period beginning

 

 

after such Initial Business Combination; provided, however, that,
appropriate adjustments shall be made in the application of the provisions of
this Section 1.1(a) in the event of any adjustments to the Purchase
Price pursuant to Section 3 hereof; and

 

(b)                                 by
surrendering this Warrant, with the purchase form appended hereto as Exhibit A
duly executed by the Holder, at the principal office of the Company, or at such
other place as the Company may designate, accompanied by payment in full
of the Purchase Price payable in respect of the number of shares of Warrant
Stock purchased upon such exercise. Subject to Section 1.4 hereof, payment
of the Purchase Price shall be in cash or by certified or official bank check
payable to the order of the Company.

 

(c)                                  Notwithstanding
anything to the contrary contained in this Warrant, under no circumstances will
the Company be required to net cash settle the exercise of this Warrant. As a
result of the foregoing, this Warrant may expire unexercised.

 

1.2                                 Effectiveness.
Each exercise of this Warrant shall be deemed to have been effected immediately
prior to the close of business on the day on which this Warrant shall have been
surrendered to the Company as provided in Section 1.1 above. At such time,
the person or persons in whose name or names any certificates for Warrant Stock
shall be issuable upon such exercise as provided in Section 1.3 below
shall be deemed to have become the holder or holders of record of the Warrant
Stock represented by such certificates.

 

1.3                                 Delivery
of Certificates.

 

As soon as practicable after the exercise of this
Warrant in whole or in part, and in any event within ten business days
thereafter, the Company, at its sole expense, will cause to be issued in the
name of, and delivered to, the Holder, or, subject to the terms and conditions
hereof, as such Holder (upon payment by such Holder of any applicable transfer
taxes) may direct:

 

(a)                                  A
certificate or certificates for the number of full shares of Warrant Stock to
which such Holder shall be entitled upon such exercise plus, in lieu of any
fractional share to which such Holder would otherwise be entitled, cash in an
amount determined pursuant to Section 1.4(c) hereof; and

 

(b)                                 In
case such exercise is in part only, a new warrant or warrants (dated the
date hereof) of like tenor, calling in the aggregate on the face or faces
thereof for the number of shares of Warrant Stock (without giving effect to any
adjustment therein) equal to the number of such shares called for on the face
of this Warrant minus the number of such shares purchased by the Holder upon
such exercise as provided in Section 1.1 above.

 

1.4                                 Right
to Convert Warrant into Stock: Net Issuance.

 

(a)                                  Right
to Convert. Subject to Section 7, in addition to and without limiting
the rights of the Holder under the terms of this Warrant, provided that this
Warrant may then be exercised pursuant to Section 1.1(a) hereof,
the Holder shall have the right to convert this Warrant or any portion thereof,
to the extent it is then exercisable as provided in Section 1.1(a) hereof
(the “Conversion Right”) into
shares of Common Stock as provided in this Section 1.4 at any time or from
time to time during the term of this Warrant. Upon exercise of the Conversion
Right with respect to a particular number of shares subject to this Warrant
(the “Converted Warrant Shares”),
the Company shall deliver to the Holder (without payment by the holder of any
Purchase Price or any cash or other consideration) that number of shares of
fully paid and nonassessable Common Stock equal to the quotient obtained by
dividing (X) the value of this

 

2

 

Warrant (or the specified portion hereof) on the Conversion Date (as
defined in subsection (b) hereof), which value shall be determined by
subtracting (A) the aggregate Purchase Price of the Converted Warrant
Shares immediately prior to the exercise of the Conversion Right from (B) the
aggregate fair market value of the Converted Warrant Shares issuable upon
exercise of this Warrant (or the specified portion hereof) on the Conversion
Date (as herein defined) by (Y) the fair market value of one share of Common
Stock on the Conversion Date (as herein defined).

 

Expressed as a formula, such conversion shall be computed as follows:

 

 

	
  X         =

  	
   B-A

  
	
   

  	
     Y

  
	
   

  	
   

  
	
  where: 

  	
  X = the number of shares of Common Stock that may be
  issued to the Holder

  
	
   

  	
   

  
	
   

  	
  Y = the fair market value (FMV) of one share of
  Common Stock

  
	
   

  	
   

  
	
   

  	
  A = the aggregate Warrant Price (Converted Warrant
  Shares x Purchase Price)

  
	
   

  	
   

  
	
   

  	
  B = the aggregate FMV (i.e., FMV x Converted Warrant
  Shares)

  

 

 

No fractional shares shall be issuable upon exercise of the Conversion
Right, and, if the number of shares to be issued determined in accordance with
the foregoing formula is other than a whole number, the Company shall pay to
the Holder an amount in cash equal to the fair market value of the resulting
fractional share on the Conversion Date.

 

(b)                                 Method
of Exercise. Subject to Section 1.4(d), the Conversion Right may be
exercised by the Holder by the surrender of this Warrant at the principal
office of the Company together with the Purchase Form in the form attached
hereto duly completed and executed and indicating the number of shares subject
to this Warrant which are being surrendered (referred to in Section 1.4(a) hereof
as the Converted Warrant Shares) in exercise of the Conversion Right. Such
conversion shall be effective upon receipt by the Company of this Warrant
together with the aforesaid written statement, or on such later date as is
specified therein (the “Conversion Date”),
and, at the election of the Holder, may be made contingent upon the
occurrence of any of the events specified in Section 8. Certificates for
the shares issuable upon exercise of the Conversion Right and, if applicable, a
new Warrant evidencing the balance of the shares remaining subject to this
Warrant, shall be issued as of the Conversion Date and shall be delivered to
the Holder within 30 days following the Conversion Date.

 

(c)                                  Determination
of Fair Market Value. For purposes of this Agreement, “fair market value”
of a share of Common Stock as of a particular date (the “Determination Date”) shall mean:

 

3

 

(i)                                     If
traded on a securities exchange, the fair market value of the Common Stock
shall be deemed to be the average of the closing prices of the Common Stock on
such exchange over the five-day period ending one business day prior to the
Determination Date or, if less, such number of days as the Common Stock has
been traded on such exchange;

 

(ii)                                  If
traded over-the-counter, the fair market value of the Common Stock shall be
deemed to be the average of the closing bid prices of the Common Stock over the
five-day period ending one business day prior to the Determination Date or, if
less, such number of days as the Common Stock has been traded over-the-counter;
and

 

(iii)                               If
there is no public market for the Common Stock, then fair market value shall be
determined in good faith by the Board of Directors of the Company.

 

(d)                                 Limitation
on Right to Convert. The Conversion Right may only be exercised by the
original Holder or a transferee permitted pursuant to Section 8 hereof.

 

2.                                       Fractional
Shares. The Company shall not be required upon the exercise of this Warrant
to issue any fractional shares, but instead shall, upon such exercise, round up
or down to the nearest whole number of shares of Common Stock to be issued to
the Holder.

 

3.                                       Certain
Adjustments.

 

3.1                                 Changes
in Common Stock. In case the Company shall at any time after the date
hereof (i) declare a dividend on the outstanding shares of Common Stock
payable solely in shares of its capital stock, (ii) subdivide the
outstanding shares of Common Stock, (iii) combine the outstanding shares
of Common Stock into a lesser number of shares, or (iv) issue any shares
of its capital stock by reclassification of the shares of Common Stock
(including any such reclassification in connection with a consolidation or
merger in which the Company is the continuing corporation), then, in each case,
the Purchase Price, and the number and kind of securities issuable upon
exercise or conversion of this Warrant, in effect at the time of the record
date for such dividend or of the effective date of such subdivision,
combination, or reclassification, shall be proportionately adjusted so that,
subject to Section 1.1(a) hereof, the Holder after such time shall be
entitled to receive upon exercise of this Warrant the aggregate number and kind
of shares which, if such Warrant had been exercised or converted immediately
prior to such time (assuming all of the requirements of Section 1.1(a) had
been satisfied), such Holder would have owned upon such exercise or conversion
and been entitled to receive by virtue of such dividend, subdivision,
combination, or reclassification. Such adjustment shall be made successively
whenever any event listed above shall occur.

 

3.2                                 Reorganizations
and Reclassifications. If there shall occur any capital reorganization or
reclassification of the Common Stock (other than a change in par value or a
subdivision or combination as provided for in Section 3.1), then, as part of
any such reorganization or reclassification, lawful provision shall be made so
that the Holder shall have the right thereafter to receive upon the exercise of
this Warrant the kind and amount of shares of stock or other securities or
property which such Holder would have been entitled to receive if, immediately
prior to any such reorganization or reclassification (assuming all of the
requirements of Section 1.1(a) had been satisfied), such Holder had
held the number of shares of Common Stock which were then subject to this
Warrant. In any such case, appropriate

 

4

 

adjustment (as reasonably determined by the Board of Directors of the
Company) shall be made in the application of the provisions set forth herein
with respect to the rights and interests thereafter of the Holder, such that
the provisions set forth in this Section 3 (including provisions with
respect to adjustment of the Purchase Price) shall thereafter be applicable, as
nearly as is reasonably practicable, in relation to any shares of stock or other
securities or property thereafter deliverable upon the exercise of this
Warrant.

 

3.3                                 Merger,
Consolidation or Sale of Assets. Subject to the provisions of Section 7,
if there shall be a merger or consolidation of the Company with or into another
corporation (other than a merger or reorganization involving only a change in
the state of incorporation of the Company or the acquisition by the Company of
other businesses where the Company survives as a going concern), or the sale of
all or substantially all of the Company’s capital stock or assets to any other
person, then as a part of such transaction, provision shall be made so
that, subject to Section 1.1(a) hereof, the Holder shall thereafter
be entitled to receive upon exercise of this Warrant the number of shares of
stock or other securities or property of the Company, or of the successor
corporation resulting from the merger, consolidation or sale, to which the
Holder would have been entitled if the Holder had exercised its rights pursuant
to the Warrant immediately prior thereto (assuming all of the requirements of Section 1.1(a) hereof
had been satisfied). In any such case, appropriate adjustment shall be made in
the application of the provisions of this Section 3 to the end that the
provisions of this Section 3 shall be applicable after that event in as
nearly equivalent a manner as may be practicable.

 

3.4                                 Certificate
of Adjustment. When any adjustment is required to be made in the number of
shares of Common Stock or other securities or property issuable upon exercise
of this Warrant or in the Purchase Price, the Company shall promptly mail to
the Holder a certificate setting forth such number of shares or other
securities or property or the Purchase Price after such adjustment and setting
forth a brief statement of the facts requiring such adjustment. Delivery of
such certificate shall be deemed to be a final and binding determination with
respect to such adjustment absent manifest error unless challenged by the
Holder within ten days of receipt thereof.

 

4.                                       Compliance
with Securities Act.

 

4.1                                 Unregistered
Securities. The Holder acknowledges that this Warrant and the Warrant Stock
have not been registered under the Securities Act of 1933, as amended, and the rules and
regulations thereunder, or any successor legislation (the “Securities Act”), and agrees not to sell,
pledge, distribute, offer for sale, transfer or otherwise dispose of this
Warrant or any Warrant Stock in the absence of (a) an effective
registration statement under the Securities Act covering this Warrant or such
Warrant Stock and registration or qualification of this Warrant or such Warrant
Stock under any applicable “blue sky” or state securities law then in effect,
or (b) an opinion of counsel, satisfactory to the Company, that such
registration and qualification are not required. The Company may delay
issuance of the Warrant Stock until completion of any action or obtaining of
any consent, which the Company deems necessary under any applicable law
(including, without limitation, state securities or “blue sky” laws).

 

4.2                                 Investment
Letter. Without limiting the generality of Section 4.1, unless the
offer and sale of any shares of Warrant Stock shall have been effectively
registered under the Securities Act, the Company shall be under no obligation
to issue the Warrant Stock unless and until the Holder shall have executed an
investment letter in form and substance satisfactory to the

 

5

 

Company, including a warranty at the time of such exercise that the
Holder is acquiring such shares for his, her or its own account, for investment
and not with a view to, or for sale in connection with, the distribution of any
such shares.

 

4.3                                 Legend.
Certificates delivered to the Holder pursuant to Section 1.3 shall bear
the following legend or a legend in substantially similar form:

 

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD OR
OTHERWISE TRANSFERRED BY ANY PERSON, INCLUDING A PLEDGEE, UNLESS (1) EITHER
(A) A REGISTRATION STATEMENT WITH RESPECT THERETO SHALL BE EFFECTIVE UNDER
THE SECURITIES ACT, OR (B) THE COMPANY SHALL HAVE RECEIVED AN OPINION OF
COUNSEL SATISFACTORY TO THE COMPANY THAT AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT IS AVAILABLE.”

 

5.                                       Reservation
of Stock. The Company will at all times reserve and keep available, solely
for issuance and delivery upon the exercise of this Warrant, such shares of
Warrant Stock and other stock, securities and property, as from time to time
shall be issuable upon the exercise of this Warrant. The Company covenants that
all shares of Warrant Stock so issuable will, when issued against payment therefor,
be duly and validly issued and fully paid and nonassessable.

 

6.                                       Replacement
of Warrants. Upon receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant and, in
the case of loss, theft or destruction, upon delivery of an indemnity agreement
(with surety if reasonably required) in an amount reasonably satisfactory to
the Company, or in the case of mutilation upon surrender and cancellation of
this Warrant, the Company will issue, in lieu thereof, a new Warrant of like
tenor.

 

7.                                       Termination
Upon Certain Events. If, subsequent to the Initial Business Combination,
there shall be a merger or consolidation of the Company with or into another
corporation (other than a merger or reorganization involving only a change in
the state of incorporation of the Company or the acquisition by the Company of
other businesses where the Company survives as a going concern), or the sale of
all or substantially all of the Company’s capital stock or assets to any other
person, or the liquidation or dissolution of the Company, then as a part of
such transaction, at the Company’s option, either:

 

(a)                                  provision
shall be made so that, subject to Section 1.1(a) hereof, the Holder
shall thereafter be entitled to receive upon exercise of this Warrant the
number of shares of stock or other securities or property of the Company, or of
the successor corporation resulting from the merger, consolidation or sale, to
which the Holder would have been entitled if the Holder had exercised its
rights pursuant to the Warrant immediately prior thereto (assuming all of the
requirements of Section 1.1(a) had been satisfied), and, in such
case, appropriate adjustment shall be made in the application of the provisions
of this Section 7(a) to the end that

 

6

 

the provisions of this Section 7(a) shall be applicable after
that event in as nearly equivalent a manner as may be practicable; or

 

(b)                                 this
Warrant shall terminate on the effective date of such merger, consolidation or
sale (the “Termination Date”) and
become null and void, provided, that if this Warrant shall not have otherwise
terminated or expired, (i) the Company shall have given the Holder written
notice of such Termination Date at least 20 business days prior to the
occurrence thereof, and (ii) the Holder shall have the right, until 5:00 p.m.,
Eastern Standard Time, on the day immediately prior to the Termination Date to
exercise its rights hereunder to the extent not previously exercised and
without regard to whether the requirements set forth in Section 1.1(a) hereof
have been satisfied.

 

8.                                       Transferability.
This Warrant shall not be assigned, pledged or hypothecated in any way and
shall not be subject to execution, attachment or similar process until such
time as the Company completes the Initial Business Combination. The foregoing
transfer restriction shall not apply to (a) transfers to the stockholders
of the original Holder or family members of such stockholders, (b) transfers
resulting from the death of any Holder, (c) transfers by operation of law,
(d) any transfer for estate planning purposes to persons immediately
related to the transferor by blood, marriage or adoption, or (e) any trust
solely for the benefit of such transferor and/or the persons described in the
preceding clause; provided, however, that with respect to each of the
transfers described in clauses (a), (b), (c), (d) and (e) of this
sentence, prior to such transfer, each permitted transferee or the trustee or
legal guardian for each permitted transferee agrees in writing to be bound by
the terms of this Warrant. Any attempted transfer, assignment, pledge,
hypothecation or other disposition of this Warrant or of any rights granted
hereunder contrary to the provisions of this Section 8, or the levy of any
attachment or similar process upon this Warrant or such rights, shall be null
and void.

 

9.                                       Redemption.
The Warrant shall be non-redeemable so long as the original Holder holds such
Warrant following its issuance by the Company to such Holder. In the event the
Warrant is transferred by the original Holder other than to a transferee
permitted pursuant to Section 8 hereof, then the Warrant may be
redeemed in whole, and not in part, at a price of $0.01 per Warrant, upon a minimum
of 30 days’ prior written notice of redemption, if, and only if, the last sales
price of the Company’s Common Stock equals or exceeds $8.50 per share for
any 20 trading days within any thirty (30) trading day period ending three
business days before the Company sends the notice of redemption.

 

10.                                 Registration
Rights. This Warrant and the Warrant Stock are entitled to the registration
rights set forth on Exhibit B hereto.

 

11.                                 No
Rights as Shareholder. Until the exercise of this Warrant, the Holder shall
not have or exercise any rights as a stockholder of the Company.

 

12.                                 Notices.
All notices, requests and other communications hereunder shall be in writing,
shall be (a) delivered by hand, (b) sent by overnight courier, or (c) sent
by registered or certified mail, postage prepaid, return receipt requested. In
the case of notices from the Company to the Holder, they shall be sent to the
address furnished to the Company in writing by the last Holder who shall have
furnished an address to the Company in writing. All notices from the Holder to
the Company shall be delivered to the Company at its offices at 445 Fifth
Avenue, Suite 30H, New York, New York 10016, or such other address as the
Company shall so notify

 

7

 

the Holder. All notices, requests and other communications hereunder
shall be deemed to have been given (i) if made by hand, at the time of the
delivery thereof to the receiving party at the address of such party described
above, (ii) if sent by overnight courier, on the next business day
following the day such notices is delivered to the courier service, or (iii) if
sent by registered or certified mail, on the third business day following the
day of registration or certification thereof.

 

13.                                 Waivers
and Modifications. Any term or provision of this Warrant may be waived
only by written document executed by the party entitled to the benefits of such
terms or provisions. The terms and provisions of this Warrant may be
modified or amended only by written agreement executed by the parties hereto.

 

14.                                 Headings.
The headings in this Warrant are for convenience of reference only and shall in
no way modify or affect the meaning or construction of any of the terms or
provisions of this Warrant.

 

15.                                 Governing
Law. This Warrant will be governed by and construed in accordance with and
governed by the laws of Delaware, without giving effect to the conflict of law
principles thereof.

 

8

 

	
   

  	
  TRANSTECH SERVICES PARTNERS INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Suresh Rajpal

  
	
   

  	
  Title:

  	
  Chief Executive Officer

  
					

 

9

 

EXHIBIT A

 

PURCHASE FORM

 

To:                              TRANSTECH
SERVICES PARTNERS INC.

 

The undersigned pursuant to the provisions set forth
in the attached Warrant (No.   -    ),
hereby irrevocably elects to (check one):

 

	
  o

  	
   

  	
  (A)    purchase
             shares of the
  Common Stock, par value $0.0001 per share, of TransTech Services Partners
  Inc. (the “Common Stock”),
  covered by such Warrant and herewith makes payment of $                          ,
  representing the full purchase price for such shares at the price per share
  provided for in such Warrant; or

  
	
   

  	
   

  	
   

  
	
  o

  	
   

  	
  (B)    convert
            Converted Warrant
  Shares into that number of shares of fully paid and nonassessable shares of
  Common Stock, determined pursuant to the provisions of Section 1.4 of
  the Warrant.

  

 

The Common Stock for which the Warrant may be exercised or
converted shall be known herein as the “Warrant
Stock.”

 

The undersigned is aware that the Warrant Stock has
not been and will not be registered under the Securities Act of 1933, as
amended (the “Securities Act”), or
any state securities laws. The undersigned understands that reliance by the
Company on exemptions under the Securities Act is predicated in part upon
the truth and accuracy of the statements of the undersigned in this Purchase
Form.

 

The undersigned represents and warrants that (a) he,
she or it has been furnished with all information which he, she or it deems
necessary to evaluate the merits and risks of the purchase of the Warrant
Stock, (b) he, she or it has had the opportunity to ask questions
concerning the Warrant Stock and the Company and all questions posed have been
answered to his, her or its satisfaction, (c) he, she or it has been given
the opportunity to obtain any additional information it deems necessary to
verify the accuracy of any information obtained concerning the Warrant Stock
and the Company, and (d) it has such knowledge and experience in financial
and business matters that it is able to evaluate the merits and risks of
purchasing the Warrant Stock and to make an informed investment decision
relating thereto.

 

The undersigned hereby represents and warrant that it
is purchasing the Warrant Stock for his, her or its own account for investment
and not with a view to the sale or distribution of all or any part of the
Warrant Stock.

 

The undersigned understands that because the Warrant
Stock has not been registered under the Securities Act he, she or it must
continue to bear the economic risk of the investment for an indefinite period
of time and the Warrant Stock cannot be sold unless it is subsequently
registered under applicable federal and state securities laws or an exemption
from such registration is available.

 

1

 

The undersigned agrees that he, she or it will in no
event sell or distribute or otherwise dispose of all or any part of the
Warrant Stock unless (1) there is an effective registration statement
under the Securities Act and applicable state securities laws covering any such
transaction involving the Warrant Stock, or (2) the Company receives an
opinion satisfactory to the Company of the undersigned’s legal counsel stating
that such transaction is exempt from registration. The undersigned consents to
the placing of a legend on his, her or its certificate for the Warrant Stock
stating that the Warrant Stock has not been registered and setting forth the
restriction on transfer contemplated hereby and to the placing of a stop
transfer order on the books of the Company and with any transfer agents against
the Warrant Stock until the Warrant Stock may be legally resold or
distributed without restriction.

 

The undersigned has considered the federal and state
income tax implications of the exercise of the Warrant and the purchase and
subsequent sale of the Warrant Stock.

 

 

	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Dated:

  	
   

  	
   

  
					

 

2

 

EXHIBIT B

 

Registration Rights

 

A.                                    Demand Registration.

 

Grant of
Right.  The
Company, upon written demand (“Initial Demand
Notice”) of the Holder(s) of at least 51% of this Warrant and/or the
underlying Warrant Stock (“Majority Holders”),
agrees to register (the “Demand Registration”)
under the Securities Act on one occasion, all or any portion of this Warrant
requested by the Majority Holders in the Initial Demand Notice and all of the
securities underlying such Warrant (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 60 days
after receipt of the Initial Demand Notice and use its best efforts to have
such registration statement or post-effective amendment declared effective as
soon as possible thereafter. The demand for registration may be made at
any time after the 90th day following the closing of the Initial
Business Combination (the “Release Date”).
The Initial Demand Notice shall specify the number of shares of Registrable
Securities proposed to be sold and the intended method(s) of distribution
thereof. The Company will notify all holders of this Warrant and/or Registrable
Securities of the demand within ten days from the date of the receipt of any
such Initial Demand Notice. Each holder of Registrable Securities who wishes to
include all or a portion of such holder’s Registrable Securities in the Demand
Registration (each such holder including shares of Registrable Securities in
such registration, a “Demanding Holder”)
shall so notify the Company within 15 days after the receipt by the holder of
the notice from the Company. Upon any such request, the Demanding Holders shall
be entitled to have their Registrable Securities included in the Demand
Registration. Further, the Company shall not be obligated to deliver securities
tot he holder until such time, if any, that a registration statement is
declared effective. If the Company uses its bests efforts to comply with such
provisions then it shall have no liability due to a delay in the registration
or the effectiveness of such registration statement. Notwithstanding anything
to the contrary contained in this Agreement, under no circumstances will the
Company be required to net cash settle the exercise of this Warrant. As a
result of the foregoing, this Warrant may expire unexercised.

 

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

 

3

 

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

 

Reduction
of Offering.  If
the managing underwriter or underwriters for a Demand Registration that is to
be an underwritten offering advises the Company and the Demanding Holders in
writing that the dollar amount or number of shares of Registrable Securities
which the Demanding Holders desire to sell, taken together with all other
shares of Common Stock or other securities which the Company desires to sell
and the shares of Common Stock, if any, as to which registration has been requested
pursuant to written contractual piggy-back registration rights held by other
stockholders of the Company who desire to sell, exceeds the maximum dollar
amount or maximum number of shares that can be sold in such offering without
adversely affecting the proposed offering price, the timing, the distribution
method, or the probability of success of such offering (such maximum dollar
amount or maximum number of shares, as applicable, the “Maximum Number of Shares”), then the
Company shall include in such registration: (i) first, the Registrable
Securities as to which Demand Registration has been requested by the Demanding
Holders (pro rata in accordance with the number of shares that each such Person
has requested be included in such registration, regardless of the number of
shares held by each such Person (such proportion is referred to herein as “Pro Rata”)) that can be sold without
exceeding the Maximum Number of Shares; (ii) second, to the extent that
the Maximum Number of Shares has not been reached under the foregoing clause
(i), the shares of Common Stock or other securities that the Company desires to
sell that can be sold without exceeding the Maximum Number of Shares; (iii) third,
to the extent that the Maximum Number of Shares has not been reached under the
foregoing clauses (i) and (ii), the shares of Common Stock or other
securities registrable pursuant to the terms of the Registration Rights
Agreement between the Company and the initial investors in the Company, dated
as of                     ,
2007 (the “Registration Rights Agreement”
and such registrable securities, the “Investor
Securities”) as to which “piggy-back” registration has been
requested by the holders thereof, Pro Rata, that can be sold without exceeding
the Maximum Number of Shares; and (iv) fourth, to the extent that the
Maximum Number of Shares have not been reached under the foregoing clauses (i),
(ii), and (iii), the shares of Common Stock or other securities for the account
of other persons that the Company is obligated to register pursuant to written
contractual arrangements with such persons and that can be sold without
exceeding the Maximum Number of Shares.

 

Withdrawal.
 If a majority-in-interest of the
Demanding Holders disapprove of the terms of any underwriting or are not
entitled to include all of their Registrable Securities in any offering, such
majority-in-interest of the Demanding Holders may elect

 

4

 

to withdraw from such offering by giving written
notice to the Company and the underwriter or underwriters of their request to
withdraw prior to the effectiveness of the registration statement filed with
the Commission with respect to such Demand Registration. If the
majority-in-interest of the Demanding Holders withdraws from a proposed
offering relating to a Demand Registration, then the Company need not continue
its obligations under Section A of this Exhibit B.

 

Terms.
 The Company shall bear all fees and
expenses attendant to registering the Registrable Securities, including the
expenses of any legal counsel selected by the Holders to represent them in
connection with the sale of the Registrable Securities, but the Holders shall
pay any and all underwriting commissions. The Company agrees to use its
reasonable best efforts to qualify or register the Registrable Securities in
such states as are reasonably requested by the Majority Holder(s); provided,
however, that in no event shall the Company be required to register the
Registrable Securities in a state in which such registration would cause (i) the
Company to be obligated to qualify to do business in such state, or would
subject the Company to taxation as a foreign corporation doing business in such
jurisdiction or (ii) the principal stockholders of the Company to be obligated
to escrow their shares of capital stock of the Company. The Company shall cause
any registration statement or post-effective amendment filed pursuant to the
demand rights granted hereunder to remain effective for a period of nine
consecutive months from the effective date of such registration statement or
post-effective amendment.

 

B.                                    “Piggy-Back”
Registration.

 

Piggy-Back
Rights. If at any time during the [          ] year period commencing on the
Release Date, the Company proposes to file a registration statement under the
Securities Act with respect to an offering of equity securities, or securities
or other obligations exercisable or exchangeable for, or convertible into,
equity securities, by the Company for its own account or for stockholders of
the Company for their account (or by the Company and by stockholders of the
Company including, without limitation, pursuant to Section A of this Exhibit B),
other than a registration statement (i) filed in connection with any
employee stock option or other benefit plan, (ii) for an exchange offer or
offering of securities solely to the Company’s existing stockholders, (iii) for
an offering of debt that is convertible into equity securities of the Company
or (iv) for a dividend reinvestment plan, then the Company shall
(x) give written notice of such proposed filing to the holders of
Registrable Securities as soon as practicable but in no event less than ten
days before the anticipated filing date, which notice shall describe the amount
and type of securities to be included in such offering, the intended method(s)
of distribution, and the name of the proposed managing underwriter or
underwriters, if any, of the offering, and (y) offer to the holders of
Registrable Securities in such notice the opportunity to register the sale of
such number of shares of Registrable Securities as such holders may request
in writing within five days following receipt of such notice (a “Piggy-Back Registration”). The Company
shall cause such Registrable Securities to be included in such registration and
shall use its best efforts to cause the managing underwriter or underwriters of
a proposed underwritten offering to permit the Registrable Securities requested
to be included in a Piggy-Back Registration on the same terms and conditions as
any similar

 

5

 

securities of the Company and to permit the sale or
other disposition of such Registrable Securities in accordance with the
intended method(s) of distribution thereof. All holders of Registrable
Securities proposing to distribute their securities through a Piggy-Back
Registration that involves an underwriter or underwriters shall enter into an
underwriting agreement in customary form with the underwriter or
underwriters selected for such Piggy-Back Registration.

 

Reduction
of Offering. If the managing underwriter or underwriters for
a Piggy-Back Registration that is to be an underwritten offering advises the
Company and the holders of Registrable Securities in writing that the dollar amount
or number of shares of Common Stock which the Company desires to sell, taken
together with shares of Common Stock, if any, as to which registration has been
demanded pursuant to written contractual arrangements with persons other than
the holders of Registrable Securities hereunder, the Registrable Securities as
to which registration has been requested under this Section B of this Exhibit B,
and the shares of Common Stock, if any, as to which registration has been
requested pursuant to the written contractual piggy-back registration rights of
other stockholders of the Company, exceeds the Maximum Number of Shares, then
the Company shall include in any such registration: (i) If the
registration is undertaken for the Company’s account: (A) first, the shares
of Common Stock or other securities that the Company desires to sell that can
be sold without exceeding the Maximum Number of Shares; (B) second, to the
extent that the Maximum Number of Shares has not been reached under the
foregoing clause (A), the shares of Common Stock or other securities, if any,
comprised of Registrable Securities and Investor Securities, as to which
registration has been requested pursuant to the applicable written contractual
piggy-back registration rights of such security holders, Pro Rata, that can be
sold without exceeding the Maximum Number of Shares; and (C) third, to the
extent that the Maximum Number of shares has not been reached under the
foregoing clauses (A) and (B), the shares of Common Stock or other
securities for the account of other persons that the Company is obligated to
register pursuant to written contractual piggy-back registration rights with
such persons and that can be sold without exceeding the Maximum Number of
Shares; (ii) If the registration is a “demand” registration undertaken at
the demand of holders of Investor Securities, (A) first, the shares of
Common Stock or other securities for the account of the demanding persons, Pro
Rata, that can be sold without exceeding the Maximum Number of Shares; (B) second,
to the extent that the Maximum Number of Shares has not been reached under the
foregoing clause (A), the shares of Common Stock or other securities that the
Company desires to sell that can be sold without exceeding the Maximum Number
of Shares; (C) third, to the extent that the Maximum Number of Shares has
not been reached under the foregoing clauses (A) and (B), the shares of
Registrable Securities, Pro Rata, as to which registration has been requested
pursuant to the terms hereof, that can be sold without exceeding the Maximum
Number of Shares; and (D) fourth, to the extent that the Maximum Number of
Shares has not been reached under the foregoing clauses (A), (B) and (C),
the shares of Common Stock or other securities for the account of other persons
that the Company is obligated to register pursuant to written contractual
arrangements with such persons, that can be sold without exceeding the Maximum
Number of Shares; and (iii) If the registration is a “demand” registration
undertaken at the demand of persons other than either the holders of
Registrable Securities or of

 

6

 

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

 

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

 

Terms.
 The Company shall bear all fees and
expenses attendant to registering the Registrable Securities, including the
expenses of any legal counsel selected by the Holders to represent them in
connection with the sale of the Registrable Securities but the Holders shall
pay any and all underwriting commissions related to the Registrable Securities.
In the event of such a proposed registration, the Company shall furnish the
then Holders of outstanding Registrable Securities with not less than 15 days
written notice prior to the proposed date of filing of such registration
statement. Such notice to the Holders shall continue to be given for each
applicable registration statement filed (during the period in which the
Purchase Option is exercisable) by the Company until such time as all of the
Registrable Securities have been registered and sold. The Holders of the
Registrable Securities shall exercise the “piggy-back” rights provided for
herein by giving written notice, within ten days of the receipt of the Company’s
notice of its intention to file a registration statement. The Company shall
cause any registration statement filed pursuant to the above “piggyback” rights
to remain effective for at least nine months from the date that the Holders of
the Registrable Securities are first given the opportunity to sell all of such
securities.

 

7

 

C.                                    General
Terms.

 

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 Securities 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
Investors in the Registration Rights Agreement. 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 Securities 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 Securities Act, the Exchange
Act or otherwise, arising from information furnished by or on behalf of such
Holders, or their successors or assigns, in writing, for specific inclusion in
such registration statement to the same extent and with the same effect as the
provisions contained in the Registration Rights Agreement pursuant to which the
Investors named therein have agreed to indemnify the Company.

 

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

 

8

 

disposition of such securities as shall be reasonably
required to effect the registration of the Registrable Securities.

 

Rule 144
Sale.  Notwithstanding
anything contained in this Exhibit B to the contrary, the Company shall
have no obligation for the registration of Registrable Securities held by any
Holder (i) where such Holder would then be entitled to sell under Rule 144
within any three-month period (or such other period prescribed under Rule 144
as may be provided by amendment thereof) all of the Registrable Securities
then held by such Holder, and (ii) where the number of Registrable
Securities held by such Holder is within the volume limitations under paragraph
(e) of Rule 144 (calculated as if such Holder were an affiliate within
the meaning of Rule 144).

 

Amendments
and Supplemental Prospectus.  The Company shall prepare and file with the
Commission such amendments, including post-effective amendments, and
supplements to such registration statement and the prospectus used in
connection therewith as may be necessary to keep such registration
statement effective and in compliance with the provisions of the Securities Act
until all Registrable Securities and other securities covered by such
registration statement have been disposed of in accordance with the intended
method(s) of distribution set forth in such registration statement (which
period shall not exceed the sum of 180 days plus any period during which
any such disposition is interfered with by any stop order or injunction of the
Commission or any governmental agency or court) or such securities have been
withdrawn. 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.

 

Notification.
 After the filing of a registration
statement pursuant to this Exhibit B, the Company shall promptly, and in
no event more than two business days after such filing, notify the holders of
Registrable Securities included in such registration statement, and shall
further notify such holders promptly and confirm such advice in writing in all
events within two business days of the occurrence of any of the following: (i) when
such registration statement becomes effective; (ii) when any
post-effective amendment to such registration statement becomes effective; (iii) the
issuance or threatened issuance by the Commission of any stop order (and the
Company shall take all actions required to prevent the entry of such stop order
or to remove it if entered); and (iv) any request by the Commission for
any amendment or supplement to such registration statement or any prospectus
relating thereto or for additional information or of the occurrence of an event
requiring the preparation of a supplement or amendment to such prospectus so
that, as

 

9

 

thereafter delivered to the purchasers of the
securities covered by such registration statement, such prospectus will not
contain an untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein
not misleading, and promptly make available to the holders of Registrable
Securities included in such registration statement any such supplement or
amendment; except that before filing with the Commission a registration
statement or prospectus or any amendment or supplement thereto, including
documents incorporated by reference, the Company shall furnish to the holders
of Registrable Securities included in such registration statement and to the
legal counsel for any such holders, copies of all such documents proposed to be
filed sufficiently in advance of filing to provide such holders and legal
counsel with a reasonable opportunity to review such documents and comment
thereon, and the Company shall not file any registration statement or
prospectus or amendment or supplement thereto, including documents incorporated
by reference, to which such holders or their legal counsel shall reasonably
object.

 

State
Securities Law Compliance.  The Company shall use its best efforts to (i) register
or qualify the Registrable Securities covered by any registration statement
prepared pursuant to this Exhibit B under such securities or “blue sky”
laws of such jurisdictions in the United States as the holders of Registrable
Securities included in such registration statement (in light of their intended
plan of distribution) may request and (ii) take such action necessary
to cause such Registrable Securities covered by the registration statement to
be registered with or approved by such other governmental authorities as may be
necessary by virtue of the business and operations of the Company and do any
and all other acts and things that may be necessary or advisable to enable
the holders of Registrable Securities included in such registration statement
to consummate the disposition of such Registrable Securities in such
jurisdictions; provided, however, that the Company shall not be required to
qualify generally to do business in any jurisdiction where it would not
otherwise be required to qualify but for this paragraph or subject itself to
taxation in any such jurisdiction.

 

Cooperation.
 The principal executive officer of the
Company, the principal financial officer of the Company, the principal
accounting officer of the Company and all other officers and members of the
management of the Company shall cooperate fully in any offering of Registrable
Securities hereunder, which cooperation shall include, without limitation, the
preparation of the registration statement with respect to such offering and all
other offering materials and related documents, and participation in meetings
with underwriters, attorneys, accountants and potential investors.

 

Records.
 The Company shall make available for
inspection by the holders of Registrable Securities included in such
registration statement, any underwriter(s) participating in any disposition
pursuant to such registration statement and any attorney, accountant or other
professional retained by any holder of Registrable Securities included in such
registration statement or any underwriter(s), all financial and other records,
pertinent corporate documents and properties of the Company, as shall be
necessary to enable them to exercise their due diligence responsibility, and
cause the Company’s officers, directors and employees to supply all information
requested by any of them in connection with such registration statement.

 

10

 

Listing.
 The Company shall use its best efforts
to cause all Registrable Securities included in any registration to be listed
on such exchanges or otherwise designated for trading in the same manner as
similar securities issued by the Company are then listed or designated or, if
no such similar securities are then listed or designated, in a manner
satisfactory to the holders of a majority of the Registrable Securities
included in such registration.

 

11Exhibit
4.5

 

WARRANT AGREEMENT

 

This Warrant Agreement (this “Agreement”) made as of                  ,
2006 between TransTech Services Partners Inc., a Delaware corporation, with
offices at 445 Fifth Avenue, Suite 30H, New York, New York 10016 (the “Company”),
and Continental Stock Transfer & Trust Company, a New York corporation,
with offices at 17 Battery Place, New York, New York 10004 (the “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 6,900,000 Warrants (“Public Warrants”) to investors in
the Public Offering, each of such Public Warrants evidencing the right of the
holder thereof to purchase one share of the Company’s common stock, par value
$.0001 per share (“Common Stock”), for $4.10, subject to adjustment as
described herein; and

 

WHEREAS, the Company has filed with the Securities and
Exchange Commission a Registration Statement, No. 333-                 
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 and the Common Stock issuable upon exercise of the Public Warrants;
and

 

WHEREAS, the Company is issuing 166,667 warrants, as
part of the units to be sold in a private placement prior to the Public
Offering, which warrants (the “Private Warrants” and collectively with the
Public Warrants, the “Warrants”) will be identical to the Public Warrants,
subject to certain exceptions, as set forth in the Registration Statement; and

 

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

 

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

 

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

 

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

 

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

 

 

2.             Warrants.

 

2.1           Form
of Warrant. Each Public Warrant shall be issued in registered form only, and
shall be in substantially the form of Exhibit A-1 hereto and each Private
Warrant shall be issued in registered form only, and shall be in substantially
the form of Exhibit A-2, in each case the provisions of which are incorporated
herein and shall be signed by, or bear the facsimile signature of, the Chairman
of the Board or President and Treasurer, Secretary or Assistant Secretary of
the Company and shall bear a facsimile of the Company’s seal. In the event the
person whose facsimile signature has been placed upon any Warrant shall have
ceased to serve in the capacity in which such person signed the Warrant before
such Warrant is issued, it may be issued with the same effect as if he or she
had not ceased to be such at the date of issuance.

 

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

 

2.3           Registration.

 

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

 

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

 

2.4           Detachability
of Warrants. The securities comprising the Units will not be separately
transferable until 90 days after the date hereof unless Maxim Group LLC (“Maxim”)
informs the Company of its decision to allow earlier separate trading, but in
no event will Maxim 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.

 

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 $4.10 per whole share, subject to
the adjustments provided in 

 

2

 

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.

 

3.2           Duration
of Warrants. A Warrant may be exercised only during the period commencing
on the later of (i) the completion by the Company of a merger, capital stock
exchange, asset acquisition or other similar business combination (“Business
Combination”) (as described more fully in the Registration Statement) and (ii)                        ,
2007, (“Exercise Period”) and terminating at 5:00 p.m., New York City time on
the earlier to occur of (i)                                             ,
2010, in the case of a Public Warrant, and                                 ,
2011, in the case of a Private Warrant, or (ii) the date fixed for redemption
of the Warrants as provided in Section 6 of this Agreement (as applicable, “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, whether or not 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 not less than 20 days prior to the applicable
Expiration Date; provided, further, that any such extension shall be identical
in duration among all of the Public and Private Warrants, as applicable.

 

3.3           Exercise
of Warrants.

 

3.3.1        Payment.
Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant,
when countersigned by the Warrant Agent, may be exercised by the registered
holder thereof by surrendering it, at the office of the Warrant Agent, or at
the office of its successor as Warrant Agent, in the Borough of Manhattan, City
and State of New York, with the subscription form, as set forth in the Warrant,
duly executed, and (i) by paying in full, in lawful money of the United States,
in cash, good certified check or good bank draft payable to the order of the
Company (or as otherwise agreed to by the Company), the Warrant Price for each
full share of Common
Stock as to which the Warrant is exercised and any and all applicable taxes due
in connection with the exercise of the Warrant, the exchange of the Warrant for
the Common Stock, and the issuance of the Common Stock or (ii) as to Private
Warrants only, by surrendering his, her or its 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
(or such portion thereof as the holder of such Private Warrant elects),
multiplied by the difference between the Warrant Price and the Fair Market
Value (as hereinafter defined) by (y) the Fair Market Value. The “Fair Market
Value” shall mean the average reported last sale price of the Common Stock
during the 10 trading day period ending on (1) the trading day immediately preceeding
the date of surrender of such Private Warrant or, (2) in the event the Company
has given a notice of redemption to the holder of such Private Warrant, the
third business day prior to the date on which any notice of redemption is sent
to holders of the Private Warrants pursuant to Section 6 hereof.

 

3

 

3.3.2        Issuance
of Certificates. As soon as practicable after the exercise of any Warrant
and the clearance of the funds in payment of the Warrant Price or upon
surrender of the Private Warrant (or portion thereof) as set forth in Section
3.3.1(ii), the Company shall issue to the registered holder of such Warrant a
certificate or certificates for the number of full shares of Common Stock to
which he is entitled, registered in such name or names as may be directed by
him, her or it, and if such Warrant shall not have been exercised in full, a
new countersigned Warrant exercisable for the number of shares of Common Stock
as to which such Warrant shall not have been exercised. Notwithstanding the
foregoing, the Company shall not be obligated to deliver any securities
pursuant to the exercise of a Warrant and shall have no obligation to settle any
Warrant exercise unless a registration statement under the Act with respect to
the Common Stock underlying such Warrant is effective, subject to the Company
satisfying its obligations under Section 7.4 to use its best efforts. In the
event a registration statement with respect to the Common Stock underlying a
Warrant is not effective under the Act, the holder of such Warrant shall not be
entitled to exercise such Warrant. Notwithstanding anything to the contrary
contained in this Warrant Agreement, under no circumstances will the Company be
required to net cash settle the exercise of the Warrants. Warrants may not be
exercised by, or securities issued to, any registered holder in any state in
which such exercise would be unlawful. As a result of the provisions of this
Section 3.3.2, any or all of the Warrants may expire unexercised.

 

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, on a non-exclusive
basis, as its agent for the solicitation of the exercise of the Public Warrants.
The Company, at its cost and expense, will (i) assist Maxim with respect to
such solicitation, if requested by
Maxim, and (ii) provide Maxim, and direct the Company’s transfer and warrant
agent to deliver to Maxim, lists of the record and, to the extent known,
beneficial owners of the Public 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 Public Warrants
and circulating a prospectus or offering circular disclosing the compensation
arrangements referenced in Section 3.3.5(b) below to holders of the Public Warrants
at the time of exercise of the Public 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 Public Warrants
and 

 

4

 

only to the extent that an investor who exercises his Public
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 Public Warrants by a Warrantholder, 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 Public Warrants.

 

(b)           In each instance in which a Public 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 Public Warrant more than one year from the effective date
of the Registration Statement, (i) the market price of the Common Stock is
greater than the Warrant Price, (ii) disclosure of compensation arrangements
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 Public Warrant confirms in writing that
the exercise of the Public Warrant was solicited by Maxim, (iv) the Public Warrant
was not held in a discretionary account, and (v) the solicitation of the
exercise of the Public 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 Public Warrants so exercised in accordance with the instructions
from the Company following receipt of the proceeds to the Company received from
the exercise of the Public 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 of Warrants purchased by it or them upon
exercise of the underwriter’s Warrants and still held by the underwriter’s or
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
Public Warrants.

 

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

 

(d)           The provisions of this Section 3.3.5
also shall apply to the Private Warrants so long as such Private Warrant is not
held in the name of the original person or entity to which the Company issued
such Private Warrant or a permitted transferee thereof.

 

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.

 

5

 

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 shares of Common Stock immediately theretofore purchasable and receivable
upon the exercise of the rights represented thereby, the kind and amount of
shares of stock or other securities or property (including cash) receivable
upon such reclassification, reorganization, merger or consolidation, or upon a
dissolution following any such sale or transfer, that the Warrant holder would
have received if such Warrant holder had exercised his, her or its Warrant(s)
immediately prior to such event; and if any reclassification also results in a
change in shares of Common Stock covered by Section 4.1 or 4.2, then such
adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3 and this Section
4.4. The provisions of this Section 4.4 shall similarly apply to successive
reclassifications, reorganizations, mergers or consolidations, sales or other
transfers.

 

4.5           Notices
of Changes in Warrant. Upon every adjustment of the Warrant Price or the
number of shares issuable upon exercise of a Warrant, the Company shall give
written notice thereof to the Warrant Agent and Maxim, 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 Section 4.1, 4.2, 4.3 or 4.4, then, in any such event, the Company
shall give written notice to each Warrant holder, at the last address set forth
for such holder in the warrant register, of the record date or the effective
date of the event. Failure to give such notice, or any defect therein, shall
not affect the legality or validity of such event.

 

6

 

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

 

4.7           Form
of Warrant. The form of Warrant need not be changed because of any
adjustment pursuant to this Section 4, and Warrants issued after such
adjustment may state the same Warrant Price and the same number of shares as is
stated in the Warrants initially issued pursuant to this Agreement. However,
the Company may at any time in its sole discretion make any change in the form
of Warrant the Company may deem appropriate and which 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.

 

4.8           Notice
of Certain Transactions. In the event the Company shall propose to (a)
offer the holders of its Common Stock rights to subscribe for or to purchase
any securities convertible into shares of Common Stock or shares of stock of
any class or any other securities, rights or options, (b) issue any rights,
options or warrants entitling the holders of Common Stock to subscribe for
shares of Common Stock or (c) make a tender offer or exchange offer with
respect to the Common Stock, the Company shall send to the Warrant holders a
notice of such proposed action or offer. Such notice shall be mailed to the
registered holders at their addresses as they appear in the Warrant Register,
which shall specify the record date for the purposes of such dividend,
distribution or rights, or the date such issuance or event is to take place and
the date of participation therein by the holders of Common Stock, if any such
date is to be fixed, and shall briefly indicate the effect of such action on
the Common Stock and on the number and kind of any other shares of stock and on
other property, if any, and the number of shares of Common Stock and other
property, if any, issuable upon exercise of each Warrant and the Warrant Price
after giving effect to any adjustment pursuant to this Article 4 which would be
required as a result of such action. Such notice shall be given as promptly as
practicable after the Board of Directors of the Company (the “Board”) has
determined to take any such action and (x) in the case of any action covered by
clause (a) or (b) above at least 10 days prior to the record date for
determining the holders of the Common Stock for purposes of such action or (y)
in the case of any other such action at least 20 days prior to the date of the
taking of such proposed action or the date of participation therein by the
holders of Common Stock, whichever shall be the earlier.

 

4.9           Other
Events. If any event occurs as to which the foregoing provisions of this
Article 4 are not strictly applicable or, if strictly applicable, would not, in
the good faith judgment of the Board, fairly and adequately protect the
purchase rights of the registered holders of the Warrants in accordance with
the essential intent and principles of such provisions, then the Board shall
make such adjustments in the application of such provisions, in accordance with
such essential intent and principles, as shall be reasonably necessary, in the
good faith opinion of the Board, to protect such purchase rights as aforesaid.

 

7

 

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, in the event 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
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.
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 at
least $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 and provided that the Warrants and shares
of Common Stock underlying the Warrants are covered by a registration statement
that is effective under the Act. Because redemption is at the option of the
Company and because such redemption is subject to conditions, any or all of the
Warrants may expire unredeemed. No Private Warrants shall be redeemable so long
as such Private Warrant is held in the name of the original person or entity to
which the Company issued such Private Warrant or a permitted 

 

8

 

transferee thereof. The provisions of this
Section 6.1 may not be modified, amended or deleted without the prior written
consent of Maxim.

 

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 registration books. Any notice mailed in the manner
herein provided shall be conclusively presumed to have been duly given whether
or not the registered holder received such notice.

 

6.3           Exercise
After Notice of Redemption. The Warrants may be exercised in accordance
with Section 3 of this Agreement at any time after notice of redemption
shall have been given by the Company pursuant to Section 6.2 hereof and prior
to the time and date fixed for redemption. On and after the redemption date,
the record 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 and only during the
Exercise Period. To the extent a person holds rights to purchase Warrants, such
purchase rights shall not be extinguished by redemption. However, once such
purchase rights are exercised, the Company may redeem the Warrants issued upon
such exercise provided that the criteria for redemption is met, including the
opportunity of the Warrant holder to exercise prior to redemption pursuant to
Section 6.3. The provisions of this Section 6.4 may not be modified, amended or
deleted without the prior written consent of Maxim.

 

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

 

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

 

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

 

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

 

9

 

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
Securities and Exchange Commission a post-effective amendment to the
Registration Statement, or a new registration statement, for the registration,
under the Act, of all shares of Common Stock issuable upon exercise of the
Warrants, and it shall use its best efforts to take such action as is necessary
to qualify for sale in those states in which the Warrants were initially
offered by the Company and 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 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
Agreement; provided, however, that the Company shall not be obligated to
deliver securities and shall not have penalties for failure to deliver
securities, if a registration statement is not effective at the time of
exercise by the holder. The provisions of this Section 7.4 may not be
modified, amended or deleted without the prior written consent of Maxim. In
addition, the Company agrees to use its best efforts to register such
securities under the blue sky laws of the states of residence of the exercising
warrant holders to the extent an exemption is not available.

 

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 

 

10

 

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 Maxim and the predecessor
Warrant Agent and the transfer agent for the Common Stock not later than the
effective date of any such appointment.

 

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

 

8.3           Fees
and Expenses of Warrant Agent.

 

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

 

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

 

8.4           Liability
of Warrant Agent.

 

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

 

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

 

8.4.3        Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of
this Agreement or with respect to the validity or execution of any 

 

11

 

Warrant (except its countersignature
thereof); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Warrant; nor shall
it be responsible to make any adjustments required under the provisions of
Section 4 hereof or responsible for the manner, method, or amount of any such
adjustment or the ascertaining of the existence of facts that would require any
such adjustment; nor shall it by any act hereunder be deemed to make any
representation or warranty as to the authorization or reservation of any shares
of Common Stock to be issued pursuant to this Agreement or any Warrant or as to
whether any shares of Common Stock will when issued be valid and fully paid and
nonassessable.

 

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

 

9.             Miscellaneous Provisions. 

 

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

 

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

 

Trans Tech Services Partners Inc.
          445 Fifth Avenue, Suite 30H

New York, New York 10016

Attn:  Suresh Rajpal, President and Chief Executive
Officer

 

Any notice, statement or demand authorized by this
Agreement to be given or made by the holder of any Warrant or by the Company to
or on the Warrant Agent shall be sufficiently given when so delivered if by
hand or overnight delivery or if sent by certified mail or private courier
service 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 Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Compliance Department

 

with a copy in each case to:

 

12

 

Katten Muchin Rosenman LLP

575 Madison Avenue

New York, New York 10022

Attn: Howard S. Jacobs, Esq.

 

and

 

Ellenoff Grossman & Schole LLP

370 Lexington Avenue

New York, New York 10017

Attn: Douglas S. Ellenoff, Esq.

 

and

 

Maxim Group LLC

405 Lexington Avenue

New York, New York 10174

Attn: Clifford A. Teller, Managing Director

 

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

 

9.4           Persons
Having Rights under this Agreement. Nothing in this Agreement expressed and
nothing that may be implied from any of the provisions hereof is intended, or
shall be construed, to confer upon, or give to, any person or corporation other
than the parties hereto and the registered holders of the Warrants and, for the
purposes of Sections 2.4, 3.3.5, 6.1, 6.4, 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 Agreement with respect to
Sections 2.4, 3.3.5, 6.1, 6.4, 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 2.4, 3.3.5, 6.1, 6.4, 7.4, 9.2 and 9.8
hereof) and their successors and assigns and of the registered holders of the
Warrants. This Section 9.4 shall not be modified or amended without the prior
written consent of Maxim.

 

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

 

13

 

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

 

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

 

9.8           Amendments.
This Agreement may be amended by the parties hereto without the consent of any
registered holder for the purpose of curing any ambiguity, or of curing, correcting
or supplementing any defective provision contained herein or adding or changing
any other provisions with respect to matters or questions arising under this
Agreement as the parties may deem necessary or desirable and that the parties
deem shall not adversely affect the interest of the registered holders. All
other modifications or amendments, including any amendment to increase the
Warrant Price or shorten the Exercise Period, shall require the written consent
of 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.

 

9.9           Severability.
This 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 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 Agreement
a provision as similar in terms to such invalid or unenforceable provision as
may be possible and be valid and enforceable.

 

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

 

	
  Attest:

  	
   

  	
  TRANSTECH SERVICES PARTNERS INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Suresh Rajpal 

  
	
   

  	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
  CONTINENTAL STOCK TRANSFER & 

  TRUST COMPANY

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Steve Nelson

  
	
   

  	
   

  	
  Title:

  	
  Chairman

  
					

 

14

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