Document:

NUMBER
 	
                          
 	
                         
 	
                          
 	
                        UNITS
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                        U-
 	
                          
 	
                         
 	
                          
 	
                         
 	
                          
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
                            SEE REVERSE FOR

            CERTAIN DEFINITIONS
 	
                          
 	
                        FIRST CLASS NAVIGATION CORPORATION
 	
                          
 	
                         
 

	
       
 	
  CUSIP _________   
 

UNITS CONSISTING OF ONE SHARE OF COMMON STOCK AND ONE WARRANT TO PURCHASE ONE SHARE OF COMMON STOCK 

	
                        THIS CERTIFIES THAT   
 	
                        is the owner of   
 	
                        Units.
 

Each Unit (“Unit”) consists of one (1) share of common stock, par value $.0001 per share (“Common Stock”), of First Class Navigation Corporation, a Marshall Islands corporation (the “Company”), and one warrant (the “Warrants”). Each Warrant entitles the holder to purchase one (1) share of Common Stock for $7.00 per share (subject to adjustment). Each Warrant will become exercisable on the later of (i) , 2009 or (ii) the earlier of the Company’s completion of a merger, capital stock exchange, asset acquisition, stock purchase or other similar business combination or the distribution of funds held by that certain trust account for the benefit of the Company’s public stockholders, and will expire unless exercised before 5:00 p.m., New York City Time, on , 2013, or earlier upon redemption (the “Expiration
Date”). The Common Stock and Warrants comprising the Units represented by this certificate are not separately transferable prior to , 2008, subject to earlier separation in the discretion of Dahlman Rose & Co., LLC and Ladenburg Thalmann & Co. Inc. The terms of the Warrants are governed by a Warrant Agreement, dated as of , 2008, between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms and provisions contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof. Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 17 Battery Place, New York, New York 10004, and are available to any Warrant holder on written request and without cost. 

This certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Company. 

Witness the facsimile seal of the Company and the facsimile signature of its duly authorized officers. 

 

	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                        By
 	
                          
 	
                        FIRST CLASS NAVIGATION CORPORATION
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                          
 	
                        CORPORATE
 	
                         
 	
                         
 
	
                         
 	
                          
 	
                        THE REPUBLIC OF THE MARSHALL ISLANDS
 	
                         
 	
                         
 
	
                        Chairman of the Board
 	
                          
 	
                        SEAL
 	
                         
 	
                        Secretary
 
	
                         
 	
                          
 	
                        2007
 	
                         
 	
                         
 

FIRST CLASS NAVIGATION CORPORATION

 

 

The Company will furnish without charge to each stockholder who so requests, a statement of the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or restrictions of such preferences and/or rights. 

The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 

 

	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                        TEN COM –
 	
                          
 	
                        as tenants in common
 	
                          
 	
                        UNIF GIFT MIN ACT - Custodian
 
	
                        TEN ENT –
 	
                          
 	
                        as tenants by the entireties
 	
                          
 	
                         
 	
                          
 	
                        (Cust)
 	
                          
 	
                        (Minor)
 
	
                        JT TEN –
 	
                          
 	
                        as joint tenants with right of survivorship
 	
                          
 	
                        under Uniform Gifts to Minors Act
 
	
                         
 	
                          
 	
                        and not as tenants in common
 	
                          
 	
                         
 
	
                         
 	
                          
 	
                         
 	
                          
 	
                         
 	
                          
 	
                         
 	
                          
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                          
 	
                         
 	
                          
 	
                         
 	
                          
 	
                        (State)
 

	Additional Abbreviations may also be used though not in the above list. 
	 
	
      For value received,   
 	
  hereby sell, assign and transfer unto
 
	PLEASE INSERT SOCIAL SECURITY OR OTHER 
IDENTIFYING NUMBER OF ASSIGNEE 
	 

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE) 

 

	
                         
 
	
                        Units
 
	
                        represented by the within Certificate, and do hereby irrevocably constitute and appoint
 
	
                                                                                                                                                                            Attorney to transfer the said Units on the
 
	
                        books of the within named Company will full power of substitution in the premises.
 
	
                         
 
	
                         
 
	
                        Dated                                     
 

 

 

 

	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        Notice:
 	
                          
 	
                        The signature to this assignment must correspond with the name as written upon

                        the face of the certificate in every particular, without alteration or enlargement or

                        any change whatever.
 

 

Signature(s) Guaranteed: 

 

 

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

FIRST CLASS NAVIGATION CORPORATION

INCORPORATED UNDER THE LAWS OF THE REPUBLIC OF THE MARSHALL ISLANDS 

COMMON STOCK 

SEE REVERSE FOR 

CERTAIN DEFINITIONS 

 

	
                        This Certifies that
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        CUSIP _______________________
 
	
                        is the owner of
 	
                         
 	
                         
 

FULLY PAID AND NON-ASSESSABLE SHARES OF THE PAR VALUE OF $.0001

EACH OF THE COMMON STOCK

OF 

FIRST CLASS NAVIGATION CORPORATION

transferable on the books of the Corporation in person or by duly authorized attorney upon surrender of this certificate properly endorsed. This certificate is not valid unless countersigned by the Transfer Agent and registered by the Registrar. Witness the seal of the Corporation and the facsimile signatures of its duly authorized officers. 

 

	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                        Dated:
 	
                          
 	
                        FIRST CLASS NAVIGATION CORPORATION
 	
                         
 	
                         
 
	
                         
 	
                          
 	
                        CORPORATE
 	
                         
 	
                         
 
	
                         
 	
                          
 	
                        SEAL
 	
                         
 	
                         
 
	
                         
 	
                          
 	
                        2007
 	
                         
 	
                         
 
	
                        CHAIRMAN
 	
                          
 	
                         
 	
                         
 	
                        SECRETARY
 
	
                         
 	
                          
 	
                        THE REPUBLIC OF 
 THE MARSHALL ISLANDS
 	
                         
 	
                         
 

 

 

The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 

 

	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                        TEN COM –
 	
                          
 	
                        as tenants in common
 	
                          
 	
                        UNIF GIFT MIN ACT        
 	
                          
 	
                         
 	
                            
 	
                        Custodian  
 	
                            
 	
                         
 
	
                        TEN ENT –
 	
                          
 	
                        as tenants by the entireties
 	
                          
 	
                         
 	
                          
 	
                        (Cust)    
 	
                            
 	
                         
 	
                            
 	
                        (Minor)    
 
	
                        JT TEN –
 	
                          
 	
                        as joint tenants with right of survivorship
 	
                          
 	
                         
 	
                          
 	
                        under Uniform Gifts to Minors Act
 
	
                         
 	
                          
 	
                        and not as tenants in common
 	
                          
 	
                         
 	
                          
 	
                         
 	
                            
 	
                         
 
	
                         
 	
                          
 	
                         
 	
                          
 	
                         
 	
                          
 	
                        (State)  
 	
                            
 	
                         
 

Additional Abbreviations may also be used though not in the above list.

FIRST CLASS NAVIGATION CORPORATION

The Corporation will furnish without charge to each shareholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof of the Corporation and the qualifications, limitations, or restrictions of such preferences and/or rights. This certificate and the shares represented thereby are issued and shall be held subject to all the provisions of the Articles of Incorporation and all amendments thereto and resolutions of the Board of Directors providing for the issue of shares of Preferred Stock (copies of which may be obtained from the secretary of the Corporation), to all of which the holder of this certificate by acceptance hereof assents. 

 

	
                         
 	
                         
 	
                         
 
	
                        For value received,
 	
                          
 	
                        hereby sell, assign and transfer unto
 

PLEASE INSERT SOCIAL SECURITY OR OTHER 

IDENTIFYING NUMBER OF ASSIGNEE 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE) 

                                                                                                                               shares of the capital stock represented by the within Certificate, and do hereby irrevocably constitute and appoint                                                                                                                   Attorney to transfer the said stock on the books of the within named Corporation will full power of substitution in the premises. 

Dated _______________ 

 

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

 

	
                         
 
	
                        Signature(s) Guaranteed:
 
	
                         
 
	
                           
 

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

The holder of this certificate shall be entitled to receive funds from the trust fund only in the event that Viceroy is liquidated because it does not consummate a business combination or the holder seeks to convert his respective shares into cash upon a business combination which he voted against and which is actually completed by the Company. In no other circumstances shall the holder have any right or interest of any kind in or to the trust fund.

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