Document:

WARRANT
      AGREEMENT

    

    by
      and
      between

    

    ASM
      ACQUISITION COMPANY LIMITED

    

    and

    

    CONTINENTAL
      STOCK TRANSFER & TRUST COMPANY, 

    as
      Warrant Agent

    

    

    

    

    

    

    

    Dated
      as
      of [l],
      2008

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

     

     

    
      	 	 	
              Page

            
	
              Section
                1.

            	
              Appointment
                of Warrant Agent

            	1 
	
              Section
                2.

            	
              Warrant
                Certificates

            	1 
	
              Section
                3.

            	
              Execution
                of Warrant Certificates

            	1 
	
              Section
                4.

            	
              Registration
                and Countersignature

            	2 
	
              Section
                5.

            	
              Registration
                of Transfers and Exchanges; Transfer Restrictions

            	2 
	
              Section
                6.

            	
              Terms
                of Warrants.

            	4 
	
              Section
                7.

            	
              Payment
                of Taxes

            	7 
	
              Section
                8.

            	
              Mutilated
                or Missing Warrant Certificates

            	7 
	
              Section
                9.

            	
              Reservation
                of Warrant Shares

            	7 
	
              Section
                10.

            	
              Obtaining
                Stock Exchange Listings; State Registration

            	8 
	
              Section
                11.

            	
              Adjustment
                of Number of Warrant Shares.

            	8 
	
              Section
                12.

            	
              Fractional
                Interests

            	17 
	
              Section
                13.

            	
              Notices
                to Warrant Holders

            	17 
	
              Section
                14.

            	
              Merger,
                Consolidation or Change of Name of Warrant Agent

            	18 
	
              Section
                15.

            	
              Warrant
                Agent

            	19 
	
              Section
                16.

            	
              Change
                of Warrant Agent

            	21 
	
              Section
                17.

            	
              Notices
                to Company and Warrant Agent

            	22 
	
              Section
                18.

            	
              Supplements
                and Amendments

            	22 
	
              Section
                19.

            	
              Successors

            	23 
	
              Section
                20.

            	
              Termination

            	23 
	
              Section
                21.

            	
              Governing
                Law

            	23 
	
              Section
                22.

            	
              Benefits
                of This Agreement

            	23 
	
              Section
                23.

            	
              Counterparts

            	23 
	
              Section
                24.

            	
              Force
                Majeure

            	23 
	
              EXHIBIT
                A 

            	
              Form
                of Warrant Certificate

            	A-1 
	
              EXHIBIT
                B 

            	
              Legend
                for Private Warrants

            	B-1 

    

    

     

    
      
        
          

        

        
        

      

      
        i

        
          

        

      

      
        
        

        
        

      

    

    

      
        WARRANT
          AGREEMENT

      

    

     

    This
      Warrant Agreement (this “Warrant Agreement”) is made as of [l], 2008 by and between
      ASM Acquisition
      Company Limited, a Cayman Islands company (the “Company”), and
      Continental Stock Transfer & Trust Company, a New York corporation, as
      Warrant Agent (the “Warrant Agent”).

     

    WHEREAS,
      the Company has filed a registration statement (File No. 333-148549) (the
“Registration
      Statement”)
      with
      the Securities and Exchange Commission for the initial public offering of units
      (the “Initial
      Public Offering”),
      each
      unit (“Unit”)
      consisting of one of the Company’s ordinary shares, par value $0.001 per share
      (each, an “Ordinary
      Share”),
      and
      one warrant to purchase one Ordinary Share at an exercise price of $7.50 per
      share.

     

    WHEREAS,
      the Company has issued or agreed to issue (i) in a private placement that
      occurred concurrently with the execution of that certain Subscription Agreement,
      dated December 12, 2007, by and between the Company and ASM SPAC (1)
      Limited, a British Virgin Islands company (“ASM
      SPAC”),
      4,312,500 units (the “Founders’
      Units”),
      each
      Founders’ Unit consisting of one Ordinary Share (the “Founders’
      Shares”)
      and
      one warrant to purchase one Ordinary Share at an exercise price of $7.50 per
      share (the “Founders’
      Warrants”),
      to
      ASM SPAC, (ii) in a private placement to occur immediately prior to the date
      of
      the Company’s final prospectus for the Initial Public Offering, 4,550,000
      warrants to ASM SPAC, Kenneth Gaw, the Company’s Director, Kenneth Shen, the
      Company’s Director, Keith Shiu Kee Wu, the Company’s Director, and Richard
      Gadbois, the Company’s Advisor (collectively, the “Existing
      Holders”),
      with
      each such warrant representing the right of the holder thereof to purchase
      one
      Ordinary Share at an exercise price of $7.50 per share (the “Insider
      Warrants”
and
      together with the Founders’ Warrants, the “Private
      Warrants”)
      and
      (iii) in connection with the Initial Public Offering of the Units, up to
      17,250,000 warrants to public investors with each such warrant representing
      the
      right of the holder thereof to purchase one Ordinary Share (the “Public
      Warrants”
and,
      together with the Private Warrants, the “Warrants”).
      The
      Ordinary Shares issuable on exercise of the Warrants are referred to as the
      “Warrant
      Shares”.

     

    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, transfer,
      exchange and exercise of Warrants and other matters as provided
      herein;

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual agreements herein
      set
      forth, the parties hereto agree as follows:

     

    SECTION
      1. Appointment
      of Warrant Agent.
      The
      Company hereby appoints the Warrant Agent to act as agent for the Company in
      accordance with the instructions set forth hereinafter in this Warrant
      Agreement, and the Warrant Agent hereby accepts such appointment.

     

    SECTION
      2. Warrant
      Certificates.
      The
      certificates evidencing the Warrants (the “Warrant
      Certificates”)
      to be
      delivered pursuant to this Warrant Agreement shall be in registered form only
      and shall be substantially in the form set forth in Exhibit A attached hereto
      and the warrant certificates for the Private Warrants shall bear the legend
      set
      forth in Exhibit B except as set forth herein.

     

    SECTION
      3. Execution
      of Warrant Certificates.
      Warrant
      Certificates shall be signed on behalf of the Company by its Chairman of the
      Board or its President or Chief Executive Officer or a Vice President and by
      its
      Secretary or an Assistant Secretary. Each such signature upon the Warrant
      Certificates may be in the form of a facsimile signature of the present or
      any
      future Chairman of the Board, President, Chief Executive Officer, Vice
      President, Secretary or Assistant Secretary and may be imprinted or otherwise
      reproduced on the Warrant Certificates and for that purpose the Company may
      adopt and use the facsimile signature of any person who shall have been Chairman
      of the Board, President, Chief Executive Officer, Vice President, Secretary
      or
      Assistant Secretary, notwithstanding the fact that at the time the Warrant
      Certificates shall be countersigned and delivered or disposed of he or she
      shall
      have ceased to hold such office.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    In
      case
      any officer of the Company who shall have signed any of the Warrant Certificates
      shall cease to be such officer before the Warrant Certificates so signed shall
      have been countersigned by the Warrant Agent, or disposed of by the Company,
      such Warrant Certificates nevertheless may be countersigned and delivered or
      disposed of as though such person had not ceased to be such officer of the
      Company; and any Warrant Certificate may be signed on behalf of the Company
      by
      any person who, at the actual date of the execution of such Warrant Certificate,
      shall be a proper officer of the Company to sign such Warrant Certificate,
      although at the date of the execution of this Warrant Agreement any such person
      was not such officer.

     

    Warrant
      Certificates shall be dated the date of countersignature by the Warrant
      Agent.

     

    SECTION
      4. Registration
      and Countersignature.
      Warrant
      Certificates shall be countersigned by the Warrant Agent and shall not be valid
      for any purpose unless so countersigned. The Warrant Agent shall, upon written
      instructions of the Chairman of the Board, the President or Chief Executive
      Officer, a Vice President, the Treasurer or the Chief Financial Officer of
      the
      Company, countersign, issue and deliver Warrants as provided in this Warrant
      Agreement.

     

    The
      Company and the Warrant Agent may deem and treat the registered holder(s) of
      the
      Warrant Certificates as the absolute owner(s) thereof (notwithstanding any
      notation of ownership or other writing thereon made by anyone), for all
      purposes, and neither the Company nor the Warrant Agent shall be affected by
      any
      notice to the contrary.

     

    SECTION
      5. Registration
      of Transfers and Exchanges; Transfer Restrictions.
      The
      Warrant Agent shall from time to time, subject to the limitations of this
      Section 5, register the transfer of any outstanding Warrant Certificates upon
      the records to be maintained by it for that purpose, upon surrender thereof
      duly
      endorsed or accompanied (if so required by the Warrant Agent) by a written
      instrument or instruments of transfer in form satisfactory to the Warrant Agent,
      duly executed by the registered holder or holders thereof or by the duly
      appointed legal representative thereof or by a duly authorized attorney. Upon
      any such registration of transfer, a new Warrant Certificate shall be issued
      to
      the transferee(s) and the surrendered Warrant Certificate shall be cancelled
      by
      the Warrant Agent. Cancelled Warrant Certificates shall thereafter be disposed
      of by the Warrant Agent in its customary manner.

     

    Notwithstanding
      anything herein to the contrary, the Warrant Agent shall not register for
      transfer any Private Warrants until one year after the consummation of an
      Initial Business Combination (as defined below in Section 6(a)) in the case
      of
      the Founders’ Warrants and until after the consummation of an Initial Business
      Combination in the case of the Insider Warrants, except for transfers
      (i) by gift to an affiliate or a member of the Initial Holder’s immediate
      family (or a member of the immediate family of its officers or directors) or
      to
      a trust or other entity, the beneficiary of which is the Initial Holder (or
      one
      of its officers or directors or a member of their respective immediate
      families), (ii) by virtue of the laws of descent and distribution upon
      death of any Initial Holder, or (iii) pursuant to a qualified domestic
      relations order, on condition that prior to such registration for transfer,
      the
      Warrant Agent shall be presented with written documentation pursuant to which
      each permitted transferee (“Permitted
      Transferee”)
      or the
      trustee or legal guardian for each Permitted Transferee agrees to be bound
      by
      the terms of the escrow agreement to be entered into in connection with the
      Initial Public Offering by the Company and the Existing Holders (the
“Escrow
      Agreement”)
      and
      the letter agreement to the representative of the underwriters of the Initial
      Public Offering and the Company, executed by the transferring Initial Holder
      and
      filed as an exhibit to the Registration Statement (the “Insider
      Letter”).
      For
      purposes of this Warrant Agreement, the term “Initial
      Holder”
shall
      have the meaning given to it in the Escrow Agreement. The certificates
      evidencing the Private Warrants shall bear the legend set forth on Exhibit
      B
      hereto. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    The
      holders of any Private Warrants or Warrant Shares issued upon exercise of any
      Private Warrants further agree prior to any transfer of such securities, to
      give
      written notice to the Company expressing its desire to effect such transfer
      and
      describing briefly the proposed transfer. Upon receiving such notice, the
      Company shall present copies thereof to its counsel and the holder agrees not
      to
      make any disposition of all or any portion of such securities unless and
      until:

     

    (a) there
      is
      then in effect a registration statement under the Securities Act covering such
      proposed disposition and such disposition is made in accordance with such
      registration statement, in which case the legends set forth in Exhibit B or
      Section 6(c) hereof, as the case may be (collectively the “Legends”)
      with
      respect to such securities sold pursuant to such registration statement shall
      be
      removed; or

     

    (b) if
      reasonably requested by the Company, (i) the holder shall have furnished the
      Company with an opinion of counsel, reasonably satisfactory to the Company,
      that
      such disposition will not require registration of such Securities under the
      Securities Act, (ii) the Company shall have received customary representations
      and warranties regarding the transferee that are reasonably satisfactory to
      the
      Company signed by the proposed transferee and (iii) the Company shall have
      received an agreement by such transferee to the restrictions contained in the
      Legends.

     

    Each
      Public Warrant shall initially be issued together with one Ordinary Share as
      a
      Unit. The Ordinary Shares and Public Warrants comprising a Unit shall not be
      separately transferable before the later of five Business Days following the
      earlier to occur of: (a) the expiration of the underwriters’ over-allotment
      option included in the underwriting agreement with respect to the publicly
      offered Units, (b) the exercise of such option in full or (c) the announcement
      by the underwriters of their intention not to exercise all or any remaining
      portion of the over-allotment option, subject to (i) the preparation of an
      audited balance sheet reflecting the Company’s receipt of the gross proceeds of
      the offering of the Units and the filing by the Company of such audited balance
      sheet with the Securities and Exchange Commission on a Current Report on Form
      6-K or similar form and (ii) the Company issuing a press release announcing
      when
      such separate trading will begin (the later of such dates, the “Detachment
      Date”).
      Prior
      to the Detachment Date, Public Warrants may be transferred or exchanged only
      together with the Unit in which such Public Warrant is included, and only for
      the purpose of effecting, or in conjunction with, a transfer or exchange of
      such
      Unit. Furthermore, prior to the Detachment Date, each transfer of a Public
      Unit
      on the register relating to such Units shall operate also to transfer the Public
      Warrant included in such Unit.

     

    Subject
      to the terms of this Warrant Agreement, Warrant Certificates may be exchanged
      at
      the option of the holder(s) thereof, when surrendered to the Warrant Agent
      at
      its principal corporate trust office, which is currently located at the address
      listed in Section 17 hereof, for another Warrant Certificate or other Warrant
      Certificates of like tenor and representing in the aggregate a like number
      of
      Warrants. Any holder desiring to exchange a Warrant Certificate shall deliver
      a
      written request to the Warrant Agent, and shall surrender, duly endorsed or
      accompanied (if so required by the Warrant Agent) by a written instrument or
      instruments of transfer in form satisfactory to the Warrant Agent, the Warrant
      Certificate or Certificates to be so exchanged. Warrant Certificates surrendered
      for exchange shall be cancelled by the Warrant Agent. Such cancelled Warrant
      Certificates shall then be disposed of by such Warrant Agent in its customary
      manner.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    The
      Warrant Agent is hereby authorized to countersign, in accordance with the
      provisions of this Section 5 and of Section 4 hereof, the new Warrant
      Certificates required pursuant to the provisions of this Section 5.

     

    SECTION
      6. Terms
      of Warrants.

     

    (a) Exercise
      Price and Exercise Period.

     

    The
      initial exercise price per share that Warrant Shares shall be purchasable upon
      the exercise of Warrants (the “Exercise
      Price”)
      shall
      be $7.50 per share, and each Warrant shall be initially exercisable to purchase
      one Ordinary Share.

     

    Subject
      to the terms of this Warrant Agreement (including without limitation Section
      6(d) below), each Warrant holder shall have the right, which may be exercised
      commencing at the opening of business on the first day of the applicable Warrant
      Exercise Period set forth below and until 5:00 p.m., New York City time, on
      the
      last day of such Warrant Exercise Period, to receive from the Company the number
      of fully paid and nonassessable Warrant Shares which the holder may at the
      time
      be entitled to receive on exercise of such Warrants and payment of the Exercise
      Price then in effect for such Warrant Shares. No adjustments as to dividends
      will be made upon exercise of the Warrants.

     

    The
      “Warrant
      Exercise Period”
shall
      commence (subject to Section 6(d) below), (A) for all Warrants other than the
      Founders’ Warrants, on the later of: (i) the date that is 12 months from the
      date of the final prospectus for the Initial Public Offering and (ii) the date
      on which the Company completes its initial business combination, as that term
      is
      described in the Registration Statement (the “Initial
      Business Combination”)
      and
      (B) for the Founders’ Warrants, after the date of the consummation of the
      Initial Business Combination, and shall end on the earlier of: (i) the date
      that
      is five years from the date of the Company’s final prospectus for the Initial
      Public Offering and (ii) the Business Day (as defined in Section 11) preceding
      the date on which such Warrants are redeemed pursuant to Section 6(b) below
      or
      expire pursuant to Section 6(c) below. 

     

    Each
      Warrant not exercised prior to 5:00 p.m., New York City time, on the last day
      of
      the Warrant Exercise Period shall become void and all rights thereunder and
      all
      rights in respect thereof under this Warrant Agreement shall cease as of such
      time. 

     

    (b) Redemption
      of Warrants

     

    The
      Company may call the Warrants for redemption, in whole and not in part, at
      a
      price of $.01 per Warrant, upon not less than 30 days’ prior written notice of
      redemption to each Warrant holder, at any time after such Warrants have become
      exercisable pursuant to Section 6(a), if, and only if, (a) the Closing Price
      (as
      defined in Section 11(h)) has equalled or exceeded $14.25 per share for any
      20
      trading days within a 30-trading-day period ending on the third Business Day
      (as
      defined in Section 11) prior to the notice of redemption to Warrant holders
      and
      (b) at all times between the date of such notice of redemption and the
      redemption date a registration statement is in effect covering the Warrant
      Shares issuable upon exercise of the Warrants and a current prospectus relating
      to those Warrant Shares is available. Notwithstanding the foregoing, no Private
      Warrants shall be redeemable at the option of the Company so long as they are
      held by the Founders (as defined below), the Existing Holders or their
      respective Permitted Transferees, provided that the fact that one or more
      Private Warrants are non redeemable because of the reason described above shall
      not affect the Company’s right to redeem the Public Warrants and the Private
      Warrants that are not held by the Founders, the Existing Holders or their
      respective Permitted Transferees. For purposes of this Warrant Agreement, the
      term “Founders”
shall
      mean V-Nee Yeh, the Company’s Non-executive Chairman of the Board of Directors,
      Eugene Tan, the Company’s Chief Executive Officer, Kin Chan, the Company’s
      Co-Chief Investment Officer and Director, Hock Yap, the Company’s Co-Chief
      Investment Officer, Kenneth Gaw, the Company’s Director, Kenneth Shen, the
      Company’s Director, Keith Shiu Kee Wu, the Company’s Director, and ASM
      SPAC.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    (c) Exercise
      Procedure.

     

    A
      Warrant
      may be exercised upon surrender to the Company at the principal stock transfer
      office of the Warrant Agent, which is currently located at the address listed
      in
      Section 17 hereof, of the certificate or certificates evidencing the Warrants
      to
      be exercised with the form of election to purchase on the reverse thereof duly
      filled in and signed and such other documentation as the Warrant Agent may
      reasonably request, and upon payment to the Warrant Agent for the account of
      the
      Company of the Exercise Price (adjusted as herein provided if applicable) for
      the number of Warrant Shares in respect of which such Warrants are then
      exercised. Payment of the aggregate Exercise Price shall be made:

     

    (i) in
      cash
      or by certified or official bank check payable to the order of the Company
      in
      New York Clearing House Funds, or the equivalent thereof; or 

     

    (ii) with
      respect to any Private Warrants held by the Founders, the Existing Holders
      or
      their respective Permitted Transferees, by surrendering such Private Warrants
      for that number of Ordinary Shares equal to the quotient obtained by dividing
      (x) the product of the number of Ordinary Shares underlying such Private
      Warrants, multiplied by the difference between the Exercise Price of the Private
      Warrants and the “Fair Market Value” (as defined below) by (y) the Fair Market
      Value; provided, however, that the Fair Market Value is greater than the
      Exercise Price of the Private Warrants. Solely for the purpose for this Section
      6(c)(ii), the “Fair
      Market Value”
shall
      mean the average reported last sale price for the regular trading session of
      the
      Ordinary Shares on the principal securities exchange or market on which the
      Ordinary Shares are then listed for the ten trading days ending on the third
      trading day prior to the date on which the Private Warrants are
      exercised.

     

    In
      no
      event will any Warrants be settled on a net cash basis.

     

    Subject
      to the provisions of Section 7 hereof, upon such surrender of Warrants and
      payment of the Exercise Price, the Company shall issue and cause to be delivered
      with all reasonable dispatch to and in such name or names as the Warrant holder
      may designate, a certificate or certificates for the number of full Warrant
      Shares issuable upon the exercise of such Warrants together with cash as
      provided in Section 12 hereof. Such certificate or certificates shall be deemed
      to have been issued and any person so designated to be named therein shall
      be
      deemed to have become a holder of record of such Warrant Shares as of the date
      of the surrender of such Warrants and payment of the Exercise
      Price.

     

    The
      Warrants shall be exercisable, at the election of the holders thereof, either
      in
      full or from time to time in part and, in the event that a certificate
      evidencing Warrants is exercised in respect of fewer than all of the Warrant
      Shares issuable on such exercise at any time prior to the date of expiration
      of
      the Warrants, a new certificate evidencing the remaining Warrant or Warrants
      will be issued, and the Warrant Agent is hereby irrevocably authorized to
      countersign and to deliver the required new Warrant Certificate or Certificates
      pursuant to the provisions of this Section 6 and of Section 4 hereof, and the
      Company, whenever required by the Warrant Agent, shall supply the Warrant Agent
      with Warrant Certificates duly executed on behalf of the Company for such
      purpose. The Warrant Agent may assume that any Warrant presented for exercise
      is
      permitted to be so exercised under applicable law and shall have no liability
      for acting in reliance on such assumption.

     

    All
      Warrant Certificates surrendered upon exercise of Warrants shall be cancelled
      by
      the Warrant Agent. Such cancelled Warrant Certificates shall then be disposed
      of
      by the Warrant Agent in its customary manner. The Warrant Agent shall account
      promptly to the Company with respect to Warrants exercised and concurrently
      pay
      to the Company all monies received by the Warrant Agent for the purchase of
      the
      Warrant Shares through the exercise of such Warrants.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    The
      Warrant Agent shall keep copies of this Warrant Agreement and any notices given
      or received hereunder available for inspection by the holders with reasonable
      prior written notice during normal business hours at its office. The Company
      shall supply the Warrant Agent from time to time with such numbers of copies
      of
      this Warrant Agreement as the Warrant Agent may request.

     

    Certificates
      evidencing Warrant Shares issued upon exercise of a Private Warrant shall
      contain the following legend:

     

    THE
      SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
      ACT
      OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAW, AND MAY NOT BE OFFERED, SOLD,
      TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES
      ACT
      OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION
      FROM SUCH REGISTRATION IS AVAILABLE.

     

    SECURITIES
      EVIDENCED BY THIS CERTIFICATE WILL BE ENTITLED TO REGISTRATION RIGHTS UNDER
      A
      REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.

     

    (d) Registration
      Requirement.
      Notwithstanding anything else in this Section 6, no Warrants (including any
      Private Warrants) may be exercised unless at the time of exercise (i) a
      registration statement covering the Warrant Shares to be issued upon exercise
      (other than Warrant Shares to be issued upon exercise of any Private Warrant)
      is
      effective under the Securities Act of 1933, as amended (the “Act”),
      and
      (ii) a prospectus thereunder relating to the Warrant Shares (other than Warrant
      Shares to be issued upon exercise of any Private Warrant) is current. The
      Company shall use its best efforts to have a registration statement in effect
      covering Warrant Shares issuable upon exercise of the Warrants (other than
      Warrant Shares to be issued upon exercise of any Private Warrant) from the
      date
      the Warrants become exercisable and to maintain a current prospectus relating
      to
      those Warrant Shares until the Warrants expire or are redeemed. In the event
      that, at the end of the Warrant Exercise Period, a registration statement
      covering the Warrant Shares to be issued upon exercise (other than Warrant
      Shares to be issued upon exercise of any Private Warrant) is not effective
      under
      the Act, all the rights of holders hereunder shall terminate and all of the
      Warrants shall expire unexercised and worthless, and as a result purchasers
      of
      the Units will have paid the full Unit price solely for the Ordinary Share
      included in each Unit. In no event shall the Warrants be settled on a net cash
      basis nor shall the Company be required to issue unregistered shares upon the
      exercise of any Warrant that is not a Private Warrant.

     

    (e) Expiry
      Upon Liquidation of Trust Account.
      If the
      Company is dissolved because it fails to effect an Initial Business Combination,
      all of the rights of holders hereunder shall terminate and all of the Warrants
      shall expire unexercised and worthless and as a result purchasers of the Units
      will have paid the full Unit purchase price solely for the Ordinary Share
      included in each Unit.

     

    (f) Redemption
      of Founders’ Warrants.
      In the
      event that the underwriters of the Initial Public Offering fail to exercise
      any
      portion or all of the over-allotment option granted to them pursuant to the
      underwriting agreement within 30 days of the date of the final prospectus for
      the Initial Public Offering, up to 562,500 of the Founders’ Warrants will be
      immediately redeemed by the Company in connection with the redemption of up
      to
      562,500 of the Founders’ Units, such that the holders of the Founders’ Units
      (including the underlying Ordinary Shares and Founders’ Warrants) shall, in the
      aggregate, beneficially own no greater than 20% of the Units of the Company
      issued and outstanding pursuant to the Subscription Agreement, dated
      December 12, 2007, between the Company and ASM SPAC and the Initial Public
      Offering.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    SECTION
      7. Payment
      of Taxes.
      The
      Company will pay all documentary stamp taxes attributable to the initial
      issuance of Warrant Shares upon the exercise of Warrants; provided, however,
      that the Company shall not be required to pay any tax or taxes which may be
      payable in respect of any transfer involved in the issue of any Warrant
      Certificates or any certificates for Warrant Shares in a name other than that
      of
      the registered holder of a Warrant Certificate surrendered upon the exercise
      of
      a Warrant, and the Company shall not be required to issue or deliver such
      Warrant Certificates unless or until the person or persons requesting the
      issuance thereof shall have paid to the Company the amount of such tax or shall
      have established to the satisfaction of the Company that such tax has been
      paid.

     

    SECTION
      8. Mutilated
      or Missing Warrant Certificates.
      In case
      any of the Warrant Certificates shall be mutilated, lost, stolen or destroyed,
      the Company shall issue and the Warrant Agent shall countersign, in exchange
      and
      substitution for and upon cancellation of the mutilated Warrant Certificate,
      or
      in lieu of and substitution for the Warrant Certificate lost, stolen or
      destroyed, a new Warrant Certificate of like tenor and representing an
      equivalent number of Warrants, but only upon receipt of evidence satisfactory
      to
      the Company and the Warrant Agent of such loss, theft or destruction of such
      Warrant Certificate and indemnity, also satisfactory to the Company and the
      Warrant Agent. Applicants for such new Warrant Certificates must pay such
      reasonable charges as the Company may prescribe.

     

    SECTION
      9. Reservation
      of Warrant Shares.
      The
      Company will at all times reserve and keep available, free from preemptive
      rights, out of the aggregate of its authorized but unissued Ordinary Shares
      or
      its authorized and issued Ordinary Shares held in its treasury, for the purpose
      of enabling it to satisfy any obligation to issue Warrant Shares upon exercise
      of Warrants, the maximum number of Ordinary Shares which may then be deliverable
      upon the exercise of all outstanding Warrants. The Warrant Agent shall have
      no
      duty to verify availability of such shares set aside by the
      Company.

     

    The
      Company or, if appointed, the transfer agent for the Ordinary Shares (the
“Transfer
      Agent”)
      and
      every subsequent transfer agent for any of the Company’s Ordinary Shares
      issuable upon the exercise of any of the Warrants will be irrevocably authorized
      and directed at all times to reserve such number of authorized shares as shall
      be required for such purpose. The Company will keep a copy of this Warrant
      Agreement on file with the Transfer Agent and with every subsequent transfer
      agent for any of the Company’s Ordinary Shares issuable upon the exercise of the
      Warrants. The Warrant Agent is hereby irrevocably authorized to requisition
      from
      time to time from such Transfer Agent the share certificates required to honor
      outstanding Warrants upon exercise thereof in accordance with the terms of
      this
      Warrant Agreement. The Company will supply such Transfer Agent with duly
      executed certificates for such purposes and will provide or otherwise make
      available any cash which may be payable as provided in Section 12 hereof. The
      Company will furnish such Transfer Agent a copy of all notices of adjustments
      and certificates related thereto, transmitted to each holder pursuant to Section
      13 hereof.

     

    Before
      taking any action which would cause an adjustment pursuant to Section 11 hereof
      to reduce the Exercise Price below the then par value (if any) of the Warrant
      Shares, the Company will take any commercially reasonable corporate action
      which
      may, in the opinion of its counsel (which may be counsel employed by the
      Company), be necessary in order that the Company may validly and legally issue
      fully paid and nonassessable Warrant Shares at the Exercise Price as so
      adjusted.

     

    The
      Company covenants that all Warrant Shares which may be issued upon exercise
      of
      Warrants will, upon payment of the Exercise Price therefor and issue, be fully
      paid, nonassessable, free of preemptive rights and free from all taxes, liens,
      charges and security interests with respect to the issue thereof.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    SECTION
      10. Obtaining
      Stock Exchange Listings; State Registration.
      The
      Company will from time to time take all commercially reasonable actions which
      may be necessary so that the Warrant Shares, immediately upon their issuance
      upon the exercise of Warrants, will be listed on the principal securities
      exchanges and markets within the United States of America, if any, on which
      other Ordinary Shares are then listed. To the extent that the Ordinary Shares
      are not listed on a national securities exchange or there is no exemption from
      state “blue sky” securities laws for the issuance of the Warrant Shares, the
      Company will take all commercially reasonable actions which may be necessary
      so
      that the Warrant Shares are registered in all states in which the holders of
      the
      Warrants reside.

     

    SECTION
      11. Adjustment
      of Number of Warrant Shares.

     

    The
      number of Warrant Shares issuable upon the exercise of each Warrant is subject
      to adjustment from time to time upon the occurrence of the events enumerated
      in
      this Section 11. For purposes of this Section 11, “Ordinary
      Shares”
means
      shares now or hereafter authorized of any class of ordinary shares of the
      Company and any other shares of the share capital of the Company, however
      designated, that have the right (subject to any prior rights of any class or
      series of preferred shares) to participate in any distribution of the assets
      or
      earnings of the Company without limit as to per share amount.

     

    (a) Adjustment
      for Change in Share Capital.

     

    If
      the
      Company:

     

    (i) pays
      a
      dividend or makes a distribution on its Ordinary Shares in either case in
      Ordinary Shares;

     

    (ii) subdivides
      its outstanding Ordinary Shares into a greater number of shares;

     

    (iii) combines
      its outstanding Ordinary Shares into a smaller number of shares;

     

    (iv) makes
      a
      distribution on its Ordinary Shares in shares of its share capital other than
      Ordinary Shares; or

     

    (v) issues
      by
      reclassification of its Ordinary Shares any shares of its share capital, then
      the number of Ordinary Shares issuable upon exercise of each Warrant immediately
      prior to such action shall be proportionately adjusted so that the holder of
      any
      Warrant thereafter exercised shall receive the aggregate number and kind of
      shares of the share capital of the Company which he would have owned immediately
      following such action if such Warrant had been exercised immediately prior
      to
      such action. The adjustment shall become effective immediately after the record
      date in the case of a dividend or distribution and immediately after the
      effective date in the case of a subdivision, combination or reclassification.
      Such adjustment shall be made successively whenever any event listed above
      shall
      occur.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    (b) Adjustment
      for Rights Issue.

     

    If
      the
      Company distributes any rights, options or warrants to all holders of its
      Ordinary Shares entitling them to purchase Ordinary Shares at a price per share
      less than the Closing Price per share on the Business Day immediately preceding
      the ex-dividend date for such distribution of rights, options or warrants,
      the
      number of Ordinary Shares issuable upon exercise of each Warrant shall be
      adjusted in accordance with the formula:

     

    
      	
              N’
                =

            	
              N
                ×

            	
              O
                +
                A

            	
                                                                                                

            
	
              
                O
                  +
                  (A ×
                  P/M)

              

            	
               

            

    

    

    where:

     

    
      	
              N’
                =

            	
              the
                adjusted number of Ordinary Shares issuable upon exercise of each
                Warrant.

            
	 	 
	
              N
                =

            	
              the
                current number of Ordinary Shares issuable upon exercise of each
                Warrant.

            
	 	 
	
              O
                =

            	
              the
                number of Ordinary Shares outstanding on the record date for such
                distribution.

            
	 	 
	
              A
                =

            	
              the
                number of additional Ordinary Shares issuable pursuant to such rights
                or
                warrants.

            
	 	 
	
              P
                =

            	
              the
                purchase price per share of the additional shares.

            
	 	 
	
              M
                =

            	
              the
                Closing Price per Ordinary Share on the record
                date.

            

    

     

    The
      adjustment shall be made successively whenever any such rights, options or
      warrants are issued and shall become effective immediately after the record
      date
      for the determination of shareholders entitled to receive the rights, options
      or
      warrants. If at the end of the period during which such rights, options or
      warrants are exercisable, not all rights, options or warrants shall have been
      exercised, the number of Ordinary Shares issuable upon exercise of each Warrant
      shall be immediately readjusted to what it would have been if “N” in the above
      formula had been the number of shares actually issued.

     

    (c) Adjustment
      for Other Distributions.

     

    If
      the
      Company distributes to all holders of its Ordinary Shares any of its assets
      (including cash) or debt securities or any rights, options or warrants to
      purchase debt securities, assets or other securities of the Company (other
      than
      Ordinary Shares), the number of Ordinary Shares issuable upon exercise of each
      Warrant shall be adjusted in accordance with the formula:

     

    
      	
              N’
                =

            	
              N
                ×

            	
              M

            	
                                                                                                

            
	
              
                M –
                  F

              

            	
               

            

    

    

    where:

     

    
      	
              N’
                =

            	
              the
                adjusted number of Ordinary Shares issuable upon exercise of each
                Warrant.

            
	 	 
	
              N
                =

            	
              the
                current number of Ordinary Shares issuable upon exercise of each
                Warrant.

            
	 	 
	
              M
                =

            	
              the
                Closing Price per Ordinary Share on the Business Day immediately
                preceding
                the ex-dividend date for such distribution.

            
	 	 
	
              F
                =

            	
              the
                fair market value on the ex-dividend date for such distribution of
                the
                assets, securities, rights or warrants distributable to one Ordinary
                Share
                after taking into account, in the case of any rights, options or
                warrants,
                the consideration required to be paid upon exercise thereof. The
                Board of
                Directors of the Company shall reasonably determine the fair market
                value
                in good faith.

            

    

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    The
      adjustment shall be made successively whenever any such distribution is made
      and
      shall become effective immediately after the record date for the determination
      of shareholders entitled to receive such distribution.

     

    This
      subsection (c) does not apply to regular quarterly cash dividends including
      increases thereof or rights, options or warrants referred to in subsection
      (b)
      of this Section 11. If any adjustment is made pursuant to this subsection (c)
      as
      a result of the issuance of rights, options or warrants and at the end of the
      period during which any such rights, options or warrants are exercisable, not
      all such rights, options or warrants shall have been exercised, the Warrant
      shall be immediately readjusted as if “F” in the above formula was the fair
      market value on the ex-dividend date for such distribution of the indebtedness
      or assets actually distributed upon exercise of such rights, options or warrants
      divided by the number of Ordinary Shares outstanding on the ex-dividend date
      for
      such distribution. Notwithstanding anything to the contrary contained in this
      subsection (c), if “M - F” in the above formula is less than $1.00,
      the Company may elect to, and if “M - F” or is a negative number, the
      Company shall, in lieu of the adjustment otherwise required by this subsection
      (c), distribute to the holders of the Warrants, upon exercise thereof, the
      evidences of indebtedness, assets, rights, options or warrants (or the proceeds
      thereof) which would have been distributed to such holders had such Warrants
      been exercised immediately prior to the record date for such
      distribution.

     

    (d) Adjustment
      for Ordinary Share Issue.

     

    If
      the
      Company issues Ordinary Shares for a consideration per share less than the
      Closing Price per share on the date the Company fixes the offering price of
      such
      additional shares, the number of Ordinary Shares issuable upon exercise of
      each
      Warrant shall be adjusted in accordance with the formula:

     

    
      	
              N’
                =

            	
              N
                ×

            	
              A

            	
                                                                                                

            
	
              
                O
                  +
                  P/M

              

            	
               

            

    

    

    where:

     

    
      	
              N’
                =

            	
              the
                adjusted number of Ordinary Shares issuable upon exercise of each
                Warrant.

            
	 	 
	
              N
                =

            	
              the
                current number of Ordinary Shares issuable upon exercise of each
                Warrant.

            
	 	 
	
              O
                =

            	
              the
                number of shares outstanding immediately prior to the issuance of
                such
                additional shares.

            
	 	 
	
              P
                =

            	
              the
                aggregate consideration received for the issuance of such additional
                shares.

            
	 	 
	
              M
                =

            	
              the
                Closing Price per share on the date of issuance of such additional
                shares.

            
	 	 
	
              A
                =

            	
              the
                number of shares outstanding immediately after the issuance of such
                additional shares.

            

    

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    The
      adjustment shall be made successively whenever any such issuance is made, and
      shall become effective immediately after such issuance.

     

    This
      subsection (d) does not apply to:

     

    (i) any
      of
      the transactions described in subsections (b) and (c) of this Section
      11,

     

    (ii) the
      exercise of Warrants, or the conversion or exchange of other securities
      convertible or exchangeable for Ordinary Shares, or the issuance of Ordinary
      Shares upon the exercise of rights or warrants issued to the holders of Ordinary
      Shares,

     

    (iii) Ordinary
      Shares (and options exercisable therefor) issued to the Company’s employees,
      officers, directors, consultants or advisors (whether or not still in such
      capacity on the date of exercise) under bona fide employee benefit plans or
      share option plans adopted by the Board of Directors of the Company and approved
      by the holders of Ordinary Shares when required by law, if such Ordinary Shares
      would otherwise be covered by this subsection (d),

     

    (iv) Ordinary
      Shares issued in a bona fide public offering for cash,

     

    (v) Ordinary
      Shares issued in a bona fide private placement to non-affiliates of the Company,
      including without limitation the issuance of equity as consideration or partial
      consideration for acquisitions from persons that are not affiliates of the
      Company.

     

    (e) Adjustment
      for Convertible Securities Issue.

     

    If
      the
      Company issues any securities convertible into or exchangeable for Ordinary
      Shares (other than securities issued in transactions described in subsections
      (b) and (c) of this Section 11) for a consideration per Ordinary Share initially
      deliverable upon conversion or exchange of such securities less than the Closing
      Price per share on the date of issuance of such securities, the number of
      Ordinary Shares issuable upon exercise of each Warrant shall be adjusted in
      accordance with this formula:

     

    
      	
              N’
                =

            	
              N
                ×

            	
              O
                +
                D

            	
                                                                                                

            
	
              
                O
                  +
                  P ×
                  P/M

              

            	
               

            

    

    

    where:

     

    
      	
              N’
                =

            	
              the
                adjusted number of Ordinary Shares issuable upon exercise of each
                Warrant.

            
	 	 
	
              N
                =

            	
              the
                current number of Ordinary Shares issuable upon exercise of each
                Warrant.

            
	 	 
	
              O
                =

            	
              the
                number of shares outstanding immediately prior to the issuance of
                such
                securities.

            
	 	 
	
              P
                =

            	
              the
                aggregate consideration received for the issuance of such
                securities.

            
	 	 
	
              M
                =

            	
              the
                Closing Price per share on the date of issuance of such
                securities.

            
	 	 
	
              D
                =

            	
              the
                maximum number of shares deliverable upon conversion or in exchange
                for
                such securities at the initial conversion or exchange
                rate.

            

    

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    The
      adjustment shall be made successively whenever any such issuance is made, and
      shall become effective immediately after such issuance.

     

    If
      all of
      the Ordinary Shares deliverable upon conversion or exchange of such securities
      have not been issued when such securities are no longer outstanding, then the
      number of Ordinary Shares issuable upon exercise of each Warrant shall promptly
      be readjusted to what it would have been had the adjustment upon the issuance
      of
      such securities been made on the basis of the actual number of Ordinary Shares
      issued upon conversion or exchange of such securities.

     

    This
      subsection (e) does not apply to:

     

    (i) convertible
      securities issued in a bona fide public offering for cash; or

     

    (ii) convertible
      securities issued in a bona fide private placement to non-affiliates of the
      Company, including the issuance of convertible securities as consideration
      or
      partial consideration for acquisitions from persons that are not affiliates
      of
      the Company.

     

    (f) Adjustment
      for Tender or Exchange Offer.
      

     

    If
      the
      Company or any of its subsidiaries makes a payment in respect of a tender offer
      or exchange offer for the Ordinary Shares, if the cash and value of any other
      consideration included in the payment per Ordinary Share exceeds the Closing
      Price of the Ordinary Shares on the trading day next succeeding the last date
      on
      which tenders or exchanges may be made pursuant to such tender or exchange
      offer, the number of Ordinary Shares issuable upon exercise of each Warrant
      will
      be increased based on the following formula:

     

    
      	
              N’
                =

            	
              No ×

            	
              AC
                + (SP’ ×
                OS’)

            	
                                                                                            

            
	
              
                OSo ×
                  SP’

              

            	
               

            

    

     

    where:

     

    
      	
              N’
                =

            	
              the
                adjusted number of Ordinary Shares issuable upon exercise of each
                Warrant;

            
	 	 
	
              No

            	
              the
                current number of Ordinary Shares issuable upon exercise of each
                warrant;

               

            
	
              AC
                =

            	
              the
                aggregate value of all cash and any other consideration (as determined
                by
                the Board of Directors of the Company) paid or payable for shares
                purchased in such tender or exchange offer;

            
	 	 
	
              OSo
                =

            	
              the
                number of Ordinary Shares outstanding immediately prior to the date
                such
                tender or exchange offer expires;

               

            
	
              OS’
                =

            	
              the
                number of Ordinary Shares outstanding immediately after the date
                such
                tender or exchange offer expires; and

            
	 	 
	
              SP’
                =

            	
              the
                Closing Price of the Ordinary Shares on the trading day next succeeding
                the date such tender or exchange offer
                expires.

            

    

    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    The
      adjustment shall be made successively and shall become effective immediately
      following the date such tender or exchange offer expires.

     

    (g) Consideration
      Received.

     

    For
      purposes of any computation respecting consideration received pursuant to
      subsections (d), (e) and (f) of this Section 11, the following shall
      apply:

     

    (i) in
      the
      case of the issuance of Ordinary Shares for cash, the consideration shall be
      the
      amount of such cash, provided that in no case shall any deduction be made for
      any commissions, discounts or other expenses incurred by the Company for any
      underwriting or other sale or disposition of the issue or otherwise in
      connection therewith;

     

    (ii) in
      the
      case of the issuance of Ordinary Shares for a consideration in whole or in
      part
      other than cash, the consideration other than cash shall be deemed to be the
      fair market value thereof as reasonably determined by the Board of Directors
      of
      the Company (irrespective of the accounting treatment thereof) and described
      in
      a Board resolution which shall be filed with the Warrant Agent; and

     

    (iii) in
      the
      case of the issuance of securities convertible into or exchangeable for shares,
      the aggregate consideration received therefor shall be deemed to be the
      consideration received by the Company for the issuance of such securities plus
      the additional minimum consideration, if any, to be received by the Company
      upon
      the conversion or exchange thereof for the maximum number of shares used to
      calculate the adjustment (the consideration in each case to be determined in
      the
      same manner as provided in clauses (i) and (ii) of this
      subsection).

     

    (h) Defined
      Terms; When De Minimis Adjustment May Be Deferred.

     

    As
      used
      in this section 11:

     

    (i) “Closing
      Price”
of
      the
      Ordinary Shares on any date of determination means: the closing sale price
      for
      the regular trading session (without considering after hours or other trading
      outside regular trading session hours) of the Ordinary Shares (regular way)
      on
      the American Stock Exchange on that date (or, if no closing price is reported,
      the last reported sale price during that regular trading session), (i) if the
      Ordinary Shares are not listed for trading on the American Stock Exchange on
      that date, as reported in the composite transactions for the principal United
      States securities exchange on which the Ordinary Shares are so listed, (ii)
      if
      the Ordinary Shares are not so reported, the last quoted bid price for the
      Ordinary Shares in the over-the-counter market as reported by the OTC Bulletin
      Board, the National Quotation Bureau or similar organization, or (iii) if the
      Ordinary Shares are not so quoted, the average of the mid‐point
      of
      the last bid and ask prices for the Ordinary Shares from at least three
      nationally recognized investment‐banking
      firms that the Company selects for this purpose.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    (ii) “ex-dividend
      date”
means
      the first date on which the Ordinary Shares trade on the applicable exchange
      or
      in the applicable market, regular way, without the right to receive the issuance
      or distribution in question;

     

    (iii) “trading
      day”
means,
      with respect to the Ordinary Shares or any other security, a day during which
      (A) trading in the Ordinary Shares or such other security generally occurs,
      (B)
      there is no market disruption event (as defined below) and (C) a Closing Price
      for the Ordinary Shares or such other security (other than a Closing Price
      referred to in the next to last clause of such definition) is available for
      such
      day; provided that if the Ordinary Shares or such other security are not
      admitted for trading or quotation on or by any exchange, bureau or other
      organization, “trading day” will mean any Business Day;

     

    (iv) “market
      disruption event”
means,
      with respect to the Ordinary Shares or any other security, the occurrence or
      existence of more than one-half hour period in the aggregate or any scheduled
      trading day for the Ordinary Shares or such other security of any suspension
      or
      limitation imposed on trading (by reason of movements in price exceeding limits
      permitted by the stock exchange or otherwise) in the Ordinary Shares or such
      other security or in any options, contract, or future contracts relating to
      the
      Ordinary Shares or such other security, and such suspension or limitation occurs
      or exists at any time before 1:00 p.m. (New York time) on such day;
      and

     

    (v) “Business
      Day”
means,
      any day on which the American Stock Exchange is open for trading and which
      is
      not a Saturday, a Sunday or any other day on which banks in the City of New
      York, New York, are authorized or required by law to close.

     

    No
      adjustment in the number of Ordinary Shares issuable upon exercise of each
      Warrant need be made unless the adjustment would require an increase or decrease
      of at least 1% in such number. Any adjustments that are not made shall be
      carried forward and taken into account in any subsequent
      adjustment.

     

    All
      calculations under this Section 11 shall be made to the nearest cent or to
      the
      nearest 1/100th of a share, as the case may be.

     

    (i) When
      No Adjustment Required.

     

    No
      adjustment need be made for a transaction referred to in subsections (b), (c),
      (d), (e) or (f) of this Section 11 if Warrant holders are to participate,
      without requiring the Warrants to be exercised, in the transaction on a basis
      and with notice that the Board of Directors of the Company reasonably determines
      to be fair and appropriate in light of the basis and notice on which holders
      of
      Ordinary Shares participate in the transaction.

     

    No
      adjustment need be made for a change in the par value or no par value of the
      Ordinary Shares.

     

    To
      the
      extent the Warrants become convertible into cash, no adjustment need be made
      thereafter as to the amount of cash into which such Warrants are exercisable.
      Interest will not accrue on the cash.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    (j) Notice
      of Adjustment.

     

    Whenever
      the number of Ordinary Shares issuable upon exercise of each Warrant is
      adjusted, the Company shall provide the notices required by Section 13
      hereof.

     

    (k) Notice
      of Certain Transactions.

     

    If:

     

    (i) the
      Company takes any action that would require an adjustment in the Exercise Price
      pursuant to subsections (a), (b), (c), (d), (e) or (f) of this Section 11 and
      if
      the Company does not arrange for Warrant holders to participate pursuant to
      subsection (i) of this Section 11;

     

    (ii) the
      Company takes any action that would require a supplemental Warrant Agreement
      pursuant to subsection (l) of this Section 11; or

     

    (iii) there
      is
      a liquidation or dissolution of the Company, the Company shall mail to Warrant
      holders a notice stating the proposed record date for a dividend or distribution
      or the proposed effective date of a subdivision, combination, reclassification,
      consolidation, merger, transfer, lease, liquidation or dissolution. The Company
      shall mail the notice at least 15 days before such date. Failure to mail the
      notice or any defect in it shall not affect the validity of the
      transaction.

     

    (l) Reorganization
      of Company.

     

    If
      the
      Company consolidates or merges with or into, or transfers or leases all or
      substantially all its assets to, any person, upon consummation of such
      transaction the Warrants shall automatically become exercisable for the kind
      and
      amount of securities, cash or other assets which the holder of a Warrant would
      have owned immediately after the consolidation, merger, transfer or lease if
      such holder had exercised the Warrant immediately before the effective date
      of
      the transaction; provided that (a) if the holders of Ordinary Shares were
      entitled to exercise a right of election as to the kind or amount of securities,
      cash or other assets receivable upon such consolidation or merger, then the
      kind
      and amount of securities, cash or other assets for which each Warrant shall
      become exercisable shall be deemed to be the weighted average of the kind and
      amount received per share by the holders of Ordinary Shares in such
      consolidation or merger that affirmatively make such election or (b) if a tender
      or exchange offer shall have been made to and accepted by the holders of
      Ordinary Shares under circumstances in which, upon completion of such tender
      or
      exchange offer, the maker thereof, together with members of any group (within
      the meaning of Rule 13d-5(b)(1) under the Securities Exchange Act of 1934,
      as
      amended (the “Exchange
      Act”))
      of
      which such maker is a part, and together with any affiliate or associate of
      such
      maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members
      of any such group of which any such affiliate or associate is a part, own
      beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more
      than
      50% of the outstanding Ordinary Shares, the holder of a Warrant shall be
      entitled to receive the highest amount of cash, securities or other property
      to
      which such holder would actually have been entitled as a shareholder if such
      Warrant holder had exercised the Warrant prior to the expiration of such tender
      or exchange offer, accepted such offer and all of the Ordinary Shares held
      by
      such holder had been purchased pursuant to such tender or exchange offer,
      subject to adjustments (from and after the consummation of such tender or
      exchange offer) as nearly equivalent as possible to the adjustments provided
      for
      in this Section 11. Concurrently with the consummation of any such transaction,
      the corporation or other entity formed by or surviving any such consolidation
      or
      merger if other than the Company, or the person to which such sale or conveyance
      shall have been made, shall enter into a supplemental Warrant Agreement so
      providing and further providing for adjustments which shall be as nearly
      equivalent as may be practical to the adjustments provided for in this Section.
      The successor Company shall mail to Warrant holders a notice describing the
      supplemental Warrant Agreement.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    If
      the
      issuer of securities deliverable upon exercise of Warrants under the
      supplemental Warrant Agreement is an affiliate of the formed, surviving,
      transferee or lessee corporation, that issuer shall join in the supplemental
      Warrant Agreement.

     

    If
      this
      subsection (l) applies, subsections (a), (b), (c), (d), (e) and (f) of this
      Section 11 do not apply.

     

    (m) Warrant
      Agent’s Disclaimer.

     

    The
      Warrant Agent has no duty to determine when an adjustment under this Section
      11
      should be made, how it should be made or what it should be. The Warrant Agent
      has no duty to determine whether any provisions of a supplemental Warrant
      Agreement under subsection (l) of this Section 11 are correct. The Warrant
      Agent
      makes no representation as to the validity or value of any securities or assets
      issued upon exercise of Warrants. The Warrant Agent shall not be responsible
      for
      the Company’s failure to comply with this Section.

     

    (n) When
      Issuance or Payment May Be Deferred.

     

    In
      any
      case in which this Section 11 shall require that an adjustment in the number
      of
      Ordinary Shares issuable upon exercise of each Warrant be made effective as
      of a
      record date for a specified event, the Company may elect to defer until the
      occurrence of such event (i) issuing to the holder of any Warrant exercised
      after such record date the Warrant Shares and other shares of the share capital
      of the Company, if any, issuable upon such exercise over and above the Warrant
      Shares and other shares of the share capital of the Company, if any, issuable
      upon such exercise on the basis of the number of Ordinary Shares issuable upon
      exercise of each Warrant and (ii) paying to such holder any amount in cash
      in
      lieu of a fractional share pursuant to Section 12 hereof; provided, however,
      that the Company shall deliver to such holder a due bill or other appropriate
      instrument evidencing such holder’s right to receive such additional Warrant
      Shares, other shares of the share capital and cash upon the occurrence of the
      event requiring such adjustment.

     

    (o) Adjustment
      in Exercise Price.

     

    Upon
      each
      event that provides for an adjustment of the number of Ordinary Shares issuable
      upon exercise of each Warrant pursuant to this Section 11, each Warrant
      outstanding prior to the making of the adjustment shall thereafter have an
      adjusted Exercise Price (calculated to the nearest ten millionth) obtained
      from
      the following formula:

     

    
      	
              E’
                =

            	
              E
                ×

            	
              N

            	
                                                                                                                      

            
	
              
                N’

              

            	
               

            

    

     

    where:

     

    
      	
              E’
                =

            	
              the
                adjusted Exercise Price.

            
	 	 
	
              E
                =

            	
              the
                Exercise Price prior to adjustment.

            
	 	 
	
              N’
                =

            	
              the
                adjusted number of Warrant Shares issuable upon exercise of a Warrant
                by
                payment of the adjusted Exercise Price.

            
	 	 
	
              N
                =

            	
              the
                number of Warrant Shares previously issuable upon exercise of a Warrant
                by
                payment of the Exercise Price prior to
                adjustment.

            

    

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    Following
      any adjustment to the Exercise Price pursuant to this Section 11, the
      amount payable, when adjusted and together with any consideration allocated
      to
      the issuance of the Warrants, shall never be less than the par value per Warrant
      Share at the time of such adjustment. Such adjustment shall be made successively
      whenever any event listed above shall occur.

     

    (p) Form
      of Warrants.

     

    Irrespective
      of any adjustments in the number or kind of shares issuable upon the exercise
      of
      the Warrants or the Exercise Price, Warrants theretofore or thereafter issued
      may continue to express the same number and kind of shares and Exercise Price
      as
      are stated in the Warrants initially issuable pursuant to this Warrant
      Agreement.

     

    (q) Other
      Dilutive Events.

     

    In
      case
      any event shall occur affecting the Company, as to which the provisions of
      this
      Section 11 are not strictly applicable, but would impact the holders of Warrants
      adversely as compared to holders of Ordinary Shares, and the failure to make
      any
      adjustment would not fairly protect the purchase rights represented by the
      Warrants in accordance with the essential intent and principles of this Section
      then, in each such case, the Company shall appoint a firm of independent public
      accountants, investment banking or other appraisal firm of recognized national
      standing which shall give their opinion upon the adjustment, if any, on a basis
      consistent with the essential intent and principles established in this
      Section 11, necessary to preserve, without dilution, the purchase rights
      represented by the Warrants.

     

    The
      provisions of this Section 11 shall not apply until issuance of the Public
      Warrants.

     

    SECTION
      12. Fractional
      Interests.
      The
      Company shall not be required to issue fractional Warrant Shares on the exercise
      of Warrants. If more than one Warrant shall be presented for exercise in full
      at
      the same time by the same holder, the number of full Warrant Shares which shall
      be issuable upon the exercise thereof shall be computed on the basis of the
      aggregate number of Warrant Shares purchasable on exercise of the Warrants
      so
      presented. If any fraction of a Warrant Share would, except for the provisions
      of this Section 12, be issuable on the exercise of any Warrants (or specified
      portion thereof), the Company shall pay an amount in cash equal to the fair
      market value on the day immediately preceding the date the Warrant is presented
      for exercise, multiplied by such fraction.

     

    SECTION
      13. Notices
      to Warrant Holders.
      Upon
      any adjustment of the Exercise Price pursuant to Section 11, the Company shall
      promptly thereafter, and in any event within five days, (a) cause to be filed
      with the Warrant Agent a certificate executed by the Chief Financial Officer
      or
      principal financial officer of the Company setting forth the number of Warrant
      Shares issuable upon exercise of each Warrant after such adjustment and setting
      forth in reasonable detail the method of calculation and the facts upon which
      such calculations are based, and (b) cause to be given to each of the registered
      holders of the Warrant Certificates at his address appearing on the Warrant
      register written notice of such adjustments by first-class mail, postage
      prepaid. Where appropriate, such notice may be given in advance and included
      as
      a part of the notice required to be mailed under the other provisions of this
      Section 13. The Warrant Agent shall be fully protected in relying on any
      such certificate and on any adjustment therein contained and shall not be deemed
      to have knowledge of such adjustment unless and until it shall have received
      such certificate.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    In
      case:

     

    (a) the
      Company shall authorize the issuance to all holders of Ordinary Shares of
      rights, options or warrants to subscribe for or purchase Ordinary Shares or
      of
      any other subscription rights or warrants; or

     

    (b) the
      Company shall authorize the distribution to all holders of Ordinary Shares
      of
      evidences of its indebtedness or assets (other than regular cash dividends
      or
      dividends payable in Ordinary Shares or distributions referred to in subsection
      (b) of Section 11 hereof); or

     

    (c) of
      any
      consolidation or merger to which the Company is a party and for which approval
      of any shareholders of the Company is required, or of the conveyance or transfer
      of the properties and assets of the Company substantially as an entirety, or
      of
      any reclassification or change of Ordinary Shares issuable upon exercise of
      the
      Warrants (other than a change in par value, or from par value to no par value,
      or from no par value to par value, or as a result of a subdivision or
      combination), or a tender offer or exchange offer for Ordinary Shares;
      or

     

    (d) of
      the
      voluntary or involuntary dissolution, liquidation or winding up of the Company;
      or

     

    (e) the
      Company proposes to take any action not specified above which would require
      an
      adjustment of the Exercise Price pursuant to Section 11 hereof; then the Company
      shall cause to be filed with the Warrant Agent and shall cause to be given
      to
      each of the registered holders of the Warrant Certificates at his address
      appearing on the Warrant register, at least 10 calendar days prior to the
      applicable record date hereinafter specified, or as promptly as practicable
      under the circumstances in the case of events for which there is no record
      date,
      by first-class mail, postage prepaid, a written notice stating (i) the date
      as
      of which the holders of record of Ordinary Shares to be entitled to receive
      any
      such rights, options, warrants or distribution are to be determined, or
      (ii) the initial expiration date set forth in any tender offer or exchange
      offer for Ordinary Shares, or (iii) the date on which any such consolidation,
      merger, conveyance, transfer, dissolution, liquidation or winding up is expected
      to become effective or consummated, and the date as of which it is expected
      that
      holders of record of Ordinary Shares shall be entitled to exchange such shares
      for securities or other property, if any, deliverable upon such
      reclassification, consolidation, merger, conveyance, transfer, dissolution,
      liquidation or winding up. The failure to give the notice required by this
      Section 13 or any defect therein shall not affect the legality or validity
      of
      any distribution, right, option, warrant, consolidation, merger, conveyance,
      transfer, dissolution, liquidation or winding up, or the vote upon any
      action.

     

    Nothing
      contained in this Warrant Agreement or in any of the Warrant Certificates shall
      be construed as conferring upon the holders thereof the right to vote or to
      consent or to receive notice as shareholders in respect of the meetings of
      shareholders or the election of Directors of the Company or any other matter,
      or
      any rights whatsoever as shareholders of the Company.

     

    SECTION
      14. Merger,
      Consolidation or Change of Name 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, or any corporation succeeding to
      all
      or substantially all the corporate trust or agency business of the Warrant
      Agent, shall be the successor to the Warrant Agent hereunder without the
      execution or filing of any paper or any further act on the part of any of the
      parties hereto, provided that such corporation would be eligible for appointment
      as a successor warrant agent under the provisions of Section 16. In case at
      the
      time such successor to the Warrant Agent shall succeed to the agency created
      by
      this Warrant Agreement, and in case at that time any of the Warrant Certificates
      shall have been countersigned but not delivered, any such successor to the
      Warrant Agent may adopt the countersignature of the original Warrant Agent;
      and
      in case at that time any of the Warrant Certificates shall not have been
      countersigned, any successor to the Warrant Agent may countersign such Warrant
      Certificates either in the name of the predecessor Warrant Agent or in the
      name
      of the successor to the Warrant Agent; and in all such cases such Warrant
      Certificates shall have the full force and effect provided in the Warrant
      Certificates and in this Warrant Agreement.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    In
      case
      at any time the name of the Warrant Agent shall be changed and at such time
      any
      of the Warrant Certificates shall have been countersigned but not delivered,
      the
      Warrant Agent whose name has been changed may adopt the countersignature under
      its prior name, and in case at that time any of the Warrant Certificates shall
      not have been countersigned, the Warrant Agent may countersign such Warrant
      Certificates either in its prior name or in its changed name, and in all such
      cases such Warrant Certificates shall have the full force and effect provided
      in
      the Warrant Certificates and in this Warrant Agreement.

     

    SECTION
      15. Warrant
      Agent.
      The
      Warrant Agent undertakes the duties and obligations imposed by this Warrant
      Agreement (and no implied duties or obligations shall be read into this Warrant
      Agreement against the Warrant Agent) upon the following terms and conditions,
      by
      all of which the Company and the holders of Warrants, by their acceptance
      thereof, shall be bound:

     

    (a) The
      statements contained herein and in the Warrant Certificates shall be taken
      as
      statements of the Company and the Warrant Agent assumes no responsibility for
      the correctness of any of the same except such as describe the Warrant Agent
      or
      action taken or to be taken by it. The Warrant Agent assumes no responsibility
      with respect to the distribution of the Warrant Certificates except as herein
      otherwise provided.

     

    (b) The
      Warrant Agent shall not be responsible for any failure of the Company to comply
      with any of the covenants contained in this Warrant Agreement or in the Warrant
      Certificates to be complied with by the Company.

     

    (c) The
      Warrant Agent may consult at any time with counsel of its own selection (who
      may
      be counsel for the Company) and the Warrant Agent shall incur no liability
      or
      responsibility to the Company or to any holder of any Warrant Certificate in
      respect of any action taken, suffered or omitted by it hereunder in good faith
      and in accordance with the opinion or the advice of such counsel. The Warrant
      Agent may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or through agents or attorneys and the Warrant Agent
      shall not be responsible for any misconduct or negligence on the part of any
      agent or attorney appointed with due care by it hereunder.

     

    (d) The
      Warrant Agent may conclusively rely, as to the truth of the statements and
      the
      correctness of the opinions expressed therein, upon certificates or opinions
      furnished to the Warrant Agent and conforming to the requirements of this
      Warrant Agreement. The Warrant Agent shall incur no liability or responsibility
      to the Company or to any holder of any Warrant Certificate for any action taken
      in reliance on any Warrant Certificate, certificate of shares, notice,
      resolution, waiver, consent, order, certificate, or other paper, document or
      instrument (whether in its original or facsimile form) believed by it to be
      genuine and to have been signed, sent or presented by the proper party or
      parties.

     

    (e) The
      Company agrees to pay to the Warrant Agent such compensation for all services
      rendered by the Warrant Agent in the administration and execution of this
      Warrant Agreement as the Company and the Warrant Agent shall agree in writing
      to
      reimburse the Warrant Agent for all expenses, taxes and governmental charges
      and
      other charges of any kind and nature incurred by the Warrant Agent in the
      execution of this Warrant Agreement (including fees and expenses of its counsel)
      and to indemnify the Warrant Agent (and any predecessor Warrant Agent) and
      save
      it harmless against any and all claims (whether asserted by the Company, a
      holder or any other person), damages, losses, expenses (including taxes other
      than taxes based on the income of the Warrant Agent), liabilities, including
      judgments, costs and counsel fees and expenses, for anything done or omitted
      by
      the Warrant Agent in the execution of this Warrant Agreement except as a result
      of its negligence or willful misconduct. The provisions of this Section 15(e)
      shall survive the expiration of the Warrants and the termination of this Warrant
      Agreement.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    (f) The
      Warrant Agent shall be under no obligation to institute any action, suit or
      legal proceeding or to take any other action likely to involve expense unless
      the Company or one or more registered holders of Warrant Certificates shall
      furnish the Warrant Agent with security and indemnity satisfactory to it for
      any
      costs and expenses which may be incurred, but this provision shall not affect
      the power of the Warrant Agent to take such action as it may consider proper,
      whether with or without any such security or indemnity. All rights of action
      under this Warrant Agreement or under any of the Warrants may be enforced by
      the
      Warrant Agent without the possession of any of the Warrant Certificates or
      the
      production thereof at any trial or other proceeding relative thereto, and any
      such action, suit or proceeding instituted by the Warrant Agent shall be brought
      in its name as Warrant Agent and any recovery of judgment shall be for the
      ratable benefit of the registered holders of the Warrants, as their respective
      rights or interests may appear.

     

    (g) The
      Warrant Agent, and any stockholder, director, officer or employee of it, may
      buy, sell or deal in any of the Warrants or other securities of the Company
      or
      become pecuniarily interested in any transaction in which the Company may be
      interested, or contract with or lend money to the Company or otherwise act
      as
      fully and freely as though it were not Warrant Agent under this Warrant
      Agreement. Nothing herein shall preclude the Warrant Agent from acting in any
      other capacity for the Company or for any other legal entity.

     

    (h) The
      Warrant Agent shall act hereunder solely as agent for the Company, and its
      duties shall be determined solely by the provisions hereof. The Warrant Agent
      shall not be liable for anything that it may do or refrain from doing in
      connection with this Warrant Agreement except for its own negligence or willful
      misconduct. The Warrant Agent shall not be liable for any error of judgment
      made
      in good faith by it, unless it shall be proved that the Warrant Agent was
      negligent in ascertaining the pertinent facts. Notwithstanding anything in
      this
      Warrant Agreement to the contrary, in no event shall the Warrant Agent be liable
      for special, indirect, punitive or consequential loss or damage of any kind
      whatsoever (including but not limited to lost profits), even if the Warrant
      Agent has been advised of the likelihood of the loss or damage and regardless
      of
      the form of the action.

     

    (i) The
      Warrant Agent shall not at any time be under any duty or responsibility to
      any
      holder of any Warrant Certificate to make or cause to be made any adjustment
      of
      the Exercise Price or number of the Warrant Shares or other securities or
      property deliverable as provided in this Warrant Agreement, or to determine
      whether any facts exist which may require any of such adjustments, or with
      respect to the nature or extent of any such adjustments, when made, or with
      respect to the method employed in making the same. The Warrant Agent shall
      not
      be accountable with respect to the validity or value or the kind or amount
      of
      any Warrant Shares or of any securities or property which may at any time be
      issued or delivered upon the exercise of any Warrant or with respect to whether
      any such Warrant Shares or other securities will when issued be validly issued
      and fully paid and nonassessable, and makes no representation with respect
      thereto.

     

    (j) Notwithstanding
      anything in this Warrant Agreement to the contrary, neither the Company nor
      the
      Warrant Agent shall have any liability to any holder of a Warrant Certificate
      or
      other Person as a result of its inability to perform any of its obligations
      under this Warrant Agreement by reason of any preliminary or permanent
      injunction or other order, decree or ruling issued by a court of competent
      jurisdiction or by a governmental, regulatory or administrative agency or
      commission, or any statute, rule, regulation or executive order promulgated
      or
      enacted by any governmental authority prohibiting or otherwise restraining
      performance of such obligation; provided that (i) the Company must use its
      reasonable best efforts to have any such order, decree or ruling lifted or
      otherwise overturned as soon as possible and (ii) nothing in this Section 15(j)
      shall affect the Company’s obligation under Section 6(d) to use its best efforts
      to have a registration statement in effect covering the Warrant Shares issuable
      upon exercise of the Warrants and to maintain a current prospectus relating
      to
      those Warrant Shares.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    (k) Any
      application by the Warrant Agent for written instructions from the Company
      may,
      at the option of the Warrant Agent, set forth in writing any action proposed
      to
      be taken or omitted by the Warrant Agent under this Warrant Agreement and the
      date on and/or after which such action shall be taken or such omission shall
      be
      effective. The Warrant Agent shall not be liable for any action taken by, or
      omission of, the Warrant Agent in accordance with a proposal included in such
      application on or after the date specified in such application (which date
      shall
      not be less than three Business Days after the date any officer of the Company
      actually receives such application, unless any such officer shall have consented
      in writing to any earlier date) unless prior to taking any such action (or
      the
      effective date in the case of an omission), the Warrant Agent shall have
      received written instructions in response to such application specifying the
      action to be taken or omitted.

     

    (l) No
      provision of this Warrant Agreement shall require the Warrant Agent to expend
      or
      risk its own funds or otherwise incur any financial liability in the performance
      of any of its duties hereunder or in the exercise of its rights.

     

    (m) In
      addition to the foregoing, the Warrant Agent shall be protected and shall incur
      no liability for, or in respect of, any action taken or omitted by it in
      connection with its administration of this Warrant Agreement if such acts or
      omissions are not the result of the Warrant Agent’s reckless disregard of its
      duty, gross negligence or willful misconduct and are in reliance upon (i) the
      proper execution of the certification concerning beneficial ownership appended
      to the form of assignment and the form of the election attached hereto unless
      the Warrant Agent shall have actual knowledge that, as executed, such
      certification is untrue, or (ii) the non-execution of such certification
      including, without limitation, any refusal to honor any otherwise permissible
      assignment or election by reason of such non-execution.

     

    (n) The
      Warrant Agent hereby waives any and all right, title, interest or claim of
      any
      kind (“Claim”)
      in or
      to any distribution of the Trust Account (as defined in that certain Investment
      Management Trust Agreement to be entered into in connection with the Initial
      Public Offering by and between the Company and the Warrant Agent as trustee
      thereunder), and hereby agrees not to seek recourse, reimbursement, payment
      or
      satisfaction for any Claim against the Trust Account for any reason
      whatsoever.

     

    SECTION
      16. Change
      of Warrant Agent.
      The
      Warrant Agent may at any time resign as Warrant Agent upon 60 days’ written
      notice to the Company. If the Warrant Agent shall become incapable of acting
      as
      Warrant Agent, the Company shall appoint a successor to such 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 of such incapacity by
      the
      Warrant Agent or by the registered holder of a Warrant Certificate, then the
      registered holder of any Warrant Certificate or the Warrant Agent may apply,
      at
      the expense of the Company, to any court of competent jurisdiction for the
      appointment of a successor to the Warrant Agent. Pending appointment of a
      successor to such Warrant Agent, either by the Company or by such a court,
      the
      duties of the Warrant Agent shall be carried out by the Company. The holders
      of
      a majority of the unexercised Warrants shall be entitled at any time to remove
      the Warrant Agent and appoint a successor to such Warrant Agent. If a Successor
      Warrant Agent shall not have been appointed within 30 days of such removal,
      the
      Warrant Agent may apply, at the expense of the Company, to any court of
      competent jurisdiction for the appointment of a successor to the Warrant Agent.
      Such successor to the Warrant Agent need not be approved by the Company or
      the
      former Warrant Agent. Any successor Warrant Agent, whether appointed by the
      Company or by such court, shall be a corporation organized and existing under
      the laws of the State of New York, in good standing and having its principal
      office in the Borough of Manhattan, City and State of New York, and authorized
      under such laws to exercise corporate trust powers and subject to supervision
      or
      examination by federal or state authority. After appointment the successor
      to
      the Warrant Agent shall be vested with the same powers, rights, duties and
      responsibilities as if it had been originally named as Warrant Agent without
      further act or deed; but the former Warrant Agent upon payment of all fees
      and
      expenses due it and its agents and counsel shall deliver and transfer to the
      successor to the Warrant Agent any property at the time held by it hereunder
      and
      execute and deliver any further assurance, conveyance, act or deed necessary
      for
      the purpose. Failure to give any notice provided for in this Section 16,
      however, or any defect therein, shall not affect the legality or validity of
      the
      appointment of a successor to the Warrant Agent.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    SECTION
      17. Notices
      to Company and Warrant Agent.
      Any
      notice or demand authorized by this Warrant Agreement to be given or made by
      the
      Warrant Agent or by the registered holder of any Warrant Certificate to or
      on
      the Company shall be sufficiently given or made when and if deposited in the
      mail, first class or registered, postage prepaid, addressed (until another
      address is filed in writing by the Company with the Warrant Agent), as
      follows:

     

    ASM
      Acquisition Company Limited

    Unit
      601-2, 6th Floor

    St.
      George’s Building

    2
      Ice
      House Street

    Central,
      Hong Kong

    Fax
      No.:
      [l]

    Attention:
      Eugene Tan, Chief Executive Officer

     

    In
      case
      the Company shall fail to maintain such office or agency or shall fail to give
      such notice of the location or of any change in the location thereof,
      presentations may be made and notices and demands may be served at the principal
      corporate trust office of the Warrant Agent.

     

    Any
      notice pursuant to this Warrant Agreement to be given by the Company or by
      the
      registered holder(s) of any Warrant Certificate to the Warrant Agent shall
      be
      sufficiently given when and if deposited in the mail, first-class or registered,
      postage prepaid, addressed (until another address is filed in writing by the
      Warrant Agent with the Company) to the Warrant Agent as follows:

     

    Continental
      Stock Transfer & Trust Company
17
      Battery Place
New
      York,
      New York 10004
Attention:
      [l]

     

    SECTION
      18. Supplements
      and Amendments.
      The
      Company and the Warrant Agent may from time to time supplement or amend this
      Warrant Agreement without the approval of any holders of Warrant Certificates
      in
      order to cure any ambiguity or to correct or supplement any provision contained
      herein which may be defective or inconsistent with any other provision herein,
      or to make any other provisions in regard to matters or questions arising
      hereunder which the Company and the Warrant Agent may deem necessary or
      desirable and which shall not in any way adversely affect the interests of
      the
      holders of Warrant Certificates theretofore issued. Upon the delivery of a
      certificate from an appropriate officer of the Company that states that the
      proposed supplement or amendment is in compliance with the terms of this Section
      18, the Warrant Agent shall execute such supplement or amendment.
      Notwithstanding anything in this Warrant Agreement to the contrary, the prior
      written consent of the Warrant Agent must be obtained in connection with any
      supplement or amendment that alters the rights or duties of the Warrant Agent.
      The Company and the Warrant Agent may amend any provision herein with the
      consent of the holders of Warrants exercisable for a majority of the Warrant
      Shares issuable on exercise of all outstanding Warrants that would be affected
      by such amendment; provided that any amendment affecting the Public Warrants
      must be approved by the holders of a majority of the Public Warrants. Without
      limiting the generality of the foregoing, prior to the issuance of any Public
      Warrants, this Warrant Agreement (including Exhibit A hereto) may be amended
      by
      the Company and the Warrant Agent, without the consent of any holder of Private
      Warrants, to modify in any way or provide for the terms of the Public
      Warrants.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

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

     

    SECTION
      20. Termination.
      This
      Agreement will terminate on any earlier date if all Warrants have been exercised
      or expired without exercise. The provisions of Section 15 hereof shall survive
      such termination.

     

    SECTION
      21. Governing
      Law.
      This
      Agreement and each Warrant Certificate issued hereunder shall be deemed to
      be a
      contract made under the laws of the State of New York and for all purposes
      shall
      be construed in accordance with the internal laws of said State. The parties
      agree that, all actions and proceedings arising out of this Warrant Agreement
      or
      any of the transactions contemplated hereby, shall be brought in the United
      States District Court for the Southern District of New York or in a New York
      State Court in the County of New York and that, in connection with any such
      action or proceeding, submit to the jurisdiction of, and venue in, such court.
      Each of the parties hereto also irrevocably waives all right to trial by jury
      in
      any action, proceeding or counterclaim arising out of this Warrant Agreement
      or
      the transactions contemplated hereby.

     

    SECTION
      22. Benefits
      of This Agreement.
      Nothing
      in this Warrant Agreement shall be construed to give to any person or
      corporation other than the Company, the Warrant Agent and the registered holders
      of the Warrant Certificates any legal or equitable right, remedy or claim under
      this Warrant Agreement, and this Warrant Agreement shall be for the sole and
      exclusive benefit of the Company, the Warrant Agent and the registered holders
      of the Warrant Certificates.

     

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

     

    SECTION
      24. Force
      Majeure.
      In no
      event shall the Warrant Agent be responsible or liable for any failure or delay
      in the performance of its obligations under this Warrant Agreement arising
      out
      of or caused by, directly or indirectly, forces beyond its reasonable control,
      including without limitation strikes, work stoppages, accidents, acts of war
      or
      terrorism, civil or military disturbances, nuclear or natural catastrophes
      or
      acts of God, and interruptions, loss or malfunctions of utilities,
      communications or computer (software or hardware) services.

     

    [Signature
      Page Follows]

     

    
      
        
          

        

        
        

      

      
        23

        
          

        

      

      
        
        

        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Warrant Agreement to be
      duly executed, as of the day and year first above written.

     

    ASM
      ACQUISITION COMPANY LIMITED

     

    By:
      _____________________________

    Name:
Title:
      

     

    CONTINENTAL
      STOCK TRANSFER & TRUST COMPANY 

     

    By:
      _____________________________

    Name:
      
Title:
      

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    FORM
      OF
      WARRANT CERTIFICATE (FACE)

     

    Warrant
      

     

    ASM
      ACQUISITION COMPANY LIMITED

     

    This
      Warrant Certificate certifies that ________________________, or registered
      assigns, is the registered holder of __________ warrants (the “Warrants”)
      to
      purchase ordinary shares, $0.001 par value (the “Ordinary
      Shares”),
      of
      ASM Acquisition Company Limited, a Cayman Islands company (the “Company”).
      Each
      Warrant entitles the holder, upon exercise during the period set forth in the
      Warrant Agreement referred to below, to receive from the Company that number
      of
      fully paid and nonassessable Ordinary Shares (each, a “Warrant
      Share”)
      as set
      forth below at the exercise price (the “Exercise
      Price”)
      as
      determined pursuant to the Warrant Agreement payable in lawful money of the
      United States of America upon surrender of this Warrant Certificate and payment
      of the Exercise Price at the office or agency of the Warrant Agent, but only
      subject to the conditions set forth herein and in the Warrant
      Agreement.

     

    Each
      Warrant is initially exercisable for one Ordinary Share. The number of Warrant
      Shares issuable upon exercise of the Warrants are subject to adjustment upon
      the
      occurrence of certain events set forth in the Warrant Agreement.

     

    The
      initial Exercise Price per Ordinary Share for any Warrant is equal to $7.50
      per
      share. The Exercise Price is subject to adjustment upon the occurrence of
      certain events set forth in the Warrant Agreement.

     

    Warrants
      may be exercised only during the Warrant Exercise Period subject to the
      conditions set forth in the Warrant Agreement and to the extent not exercised
      by
      the end of such Warrant Exercise Period such Warrants shall become
      void.

     

    Reference
      is hereby made to the further provisions of this Warrant Certificate set forth
      on the reverse hereof and such further provisions shall for all purposes have
      the same effect as though fully set forth at this place.

     

    This
      Warrant Certificate shall not be valid unless countersigned by the Warrant
      Agent, as such term is used in the Warrant Agreement.

     

    This
      Warrant Certificate shall be governed and construed in accordance with the
      internal laws of the State of New York, without regard to conflicts of laws
      principles thereof.

     

    
      	 	
              ASM
                ACQUISITION COMPANY LIMITED

               

               

              By:
                _________________________
      
                Name:
       Title:
                

            

    

     

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    
      Countersigned:
        

       

      Dated
        _____________, 20__

       

      CONTINENTAL
        STOCK
        TRANSFER & TRUST COMPANY, as Warrant Agent

       

       

      By:
        _________________________
      
        Name:
      
        Title: 

       

    

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

    Form
      of Warrant Certificate (Reverse)

     

    The
      Warrants evidenced by this Warrant Certificate are part of a duly authorized
      issue of Warrants entitling the holder on exercise to receive ordinary shares,
      par value $0.001
      per
      share, of the Company (the “Ordinary
      Shares”),
      and
      are issued or to be issued pursuant to a Warrant Agreement dated as of [l], 2008 (the “Warrant
      Agreement”),
      duly
      executed and delivered by the Company to Continental Stock Transfer & Trust
      Company, a New York corporation, as warrant agent (the “Warrant
      Agent”),
      which
      Warrant Agreement is hereby incorporated by reference in and made a part of
      this
      instrument and is hereby referred to for a description of the rights, limitation
      of rights, obligations, duties and immunities thereunder of the Warrant Agent,
      the Company and the holders (the words “holders” or “holder” meaning the
      registered holders or registered holder) of the Warrants. A copy of the Warrant
      Agreement may be obtained by the holder hereof upon written request to the
      Company. Defined terms used in this Warrant Certificate but not defined herein
      shall have the meanings given to them in the Warrant Agreement.

     

    Warrants
      may be exercised at any time during the Warrant Exercise Period set forth in
      the
      Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate
      may exercise them by surrendering this Warrant Certificate, with the form of
      election to purchase set forth hereon properly completed and executed, together
      with payment of the Exercise Price as specified in the Warrant Agreement at
      the
      principal corporate trust office of the Warrant Agent. In the event that upon
      any exercise of Warrants evidenced hereby the number of Warrants exercised
      shall
      be less than the total number of Warrants evidenced hereby, there shall be
      issued to the holder hereof or his assignee a new Warrant Certificate evidencing
      the number of Warrants not exercised. No adjustment shall be made for any
      dividends on any Ordinary Shares issuable upon exercise of this
      Warrant.

     

    Notwithstanding
      anything else in this Warrant Certificate or the Warrant Agreement, no Warrant
      may be exercised unless at the time of exercise (i) a registration statement
      covering the Warrant Shares to be issued upon exercise (other than Warrant
      Shares to be issued upon exercise of any Private Warrant) is effective under
      the
      Act and (ii) a prospectus thereunder relating to the Warrant Shares (other
      than
      Warrant Shares to be issued upon exercise of any Private Warrant) is current.
      In
      no event shall the Warrants be settled on a net cash basis during the Warrant
      Exercise Period nor shall the Company be required to issue unregistered shares
      upon the exercise of any Warrant that is not a Private Warrant.

     

    The
      Warrant Agreement provides that upon the occurrence of certain events the number
      of Warrant Shares set forth on the face hereof may, subject to certain
      conditions, be adjusted. No fractions of an Ordinary Share will be issued upon
      the exercise of any Warrant, but the Company will pay the cash value thereof
      determined as provided in the Warrant Agreement. 

     

    Warrant
      Certificates, when surrendered at the principal corporate trust office of the
      Warrant Agent by the registered holder thereof in person or by legal
      representative or attorney duly authorized in writing, may be exchanged, in
      the
      manner and subject to the limitations provided in the Warrant Agreement, but
      without payment of any service charge, for another Warrant Certificate or
      Warrant Certificates of like tenor evidencing in the aggregate a like number
      of
      Warrants.

     

    Upon
      due
      presentation for registration of transfer of this Warrant Certificate at the
      office of the Warrant Agent a new Warrant Certificate or Warrant Certificates
      of
      like tenor and evidencing in the aggregate a like number of Warrants shall
      be
      issued to the transferee(s) in exchange for this Warrant Certificate, subject
      to
      the limitations provided in the Warrant Agreement, without charge except for
      any
      tax or other governmental charge imposed in connection therewith.

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

    The
      Company and the Warrant Agent may deem and treat the registered holder(s)
      thereof as the absolute owner(s) of this Warrant Certificate (notwithstanding
      any notation of ownership or other writing hereon made by anyone), for the
      purpose of any exercise hereof, of any distribution to the holder(s) hereof,
      and
      for all other purposes, and neither the Company nor the Warrant Agent shall
      be
      affected by any notice to the contrary. Neither the Warrants nor this Warrant
      Certificate entitles any holder hereof to any rights of a shareholder of the
      Company.

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

    Election
      to Purchase

     

    (To
      Be
      Executed Upon Exercise Of Warrant)

     

    The
      undersigned hereby irrevocably elects to exercise the right, represented by
      this
      Warrant Certificate, to receive __________ Ordinary Shares and herewith tenders
      payment for such shares to the order of ASM Acquisition Company Limited in
      the
      amount of $______ in accordance with the terms hereof. The undersigned requests
      that a certificate for such shares be registered in the name of
      ________________, whose address is _______________________________ and that
      such
      shares be delivered to ________________ whose address is ___________
      ______________________. If said number of shares is less than all of the
      Ordinary Shares purchasable hereunder, the undersigned requests that a new
      Warrant Certificate representing the remaining balance of such shares be
      registered in the name of ______________, whose address is
      _________________________, and that such Warrant Certificate be delivered to
      _________________, whose address is __________________.

     

    

     

    Signature:
      ___________________________

     

    Date:
      _____________, 20__

     

    Signature
      Guaranteed: ___________________________

     

     

    
      
        
        

      

      
        A-5

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

     

    

     

    LEGEND
      FOR
      PRIVATE WARRANTS

     

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE (INCLUDING THE ORDINARY SHARES OF
      THE
      COMPANY ISSUABLE UPON EXERCISE OF SUCH SECURITIES) HAVE NOT BEEN REGISTERED
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR ANY STATE SECURITIES LAWS,
      AND
      MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE
      SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION,
      THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN TRANSFER
      RESTRICTIONS SET FORTH IN THE WARRANT AGREEMENT REFERRED TO HEREIN AND UNDER
      AN
      ESCROW AGREEMENT TO BE EXECUTED BY THE COMPANY AND THE EXISTING
      HOLDERS. 

     

    SECURITIES
      EVIDENCED BY THIS CERTIFICATE AND ORDINARY SHARES OF THE COMPANY ISSUABLE UPON
      EXERCISE OF SUCH SECURITIES WILL BE ENTITLED TO REGISTRATION RIGHTS UNDER A
      REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.

     

    No.
      _____
      _______ Warrants

     

     

    
      
        
        

      

      
        B-1EXHIBIT
      10.1

    

    Solar
      Energy Towers, Inc.

    520
      Pike
      Street, Suite 985

    Seattle,
      Washington 98101

    Telephone
      No.: (206) 407-3187

     

    SUBSCRIPTION
      AGREEMENT

     

    The
      undersigned (the “Subscriber”) hereby irrevocably subscribes for that number of
      shares of common stock (“Shares”) of Solar Energy Towers, Inc., a Washington
      corporation (the “Company”), set forth below, upon and subject to the terms and
      conditions set forth in the Company’s
      Prospectus dated  ____________, 2008 to which this Subscription
      Agreement is attached.

     

    Total
      number of shares subscribed for at $0.06 per share: ________________
      shares.

     

    Amount
      paid with this Subscription Agreement at a price of $0.06 per Share:
      US  $ _______________________.

    

    This
      Subscription Agreement constitutes the entire agreement among the parties hereto
      with respect to the subject matter hereof and may be amended only by a writing
      executed by all parties.

    

    IN
      WITNESS WHEREOF,
      the
      undersigned has executed this Subscription Agreement this ___ day of __________,
      2008.

    

    Signature:
      __________________________________________

    

    Print
      Name: _________________________________________

    

    Print
      Title: __________________________________________

    

    Address:
      ___________________________________________

    

     ___________________________________________

    

    Telephone
      No.: ______________________________________

    

    E-mail
      Address: ______________________________________

    

    Subscriber’s
      Social Security or 

    Tax
      Identification Number: ______________________________

    

    Signature
      of Co-owners, if applicable: ____________________________________

    

    Name
      as
      it should appear on the Certificate:
      _______________________________

     

    If
      Joint
      Ownership, check one (all parties must sign above):

    

    [
      ] Joint
      Tenants with Right of Survivorship

    [
      ]
      Tenants in Common

    [
      ]
      Community Property

     

    If
      Fiduciary or Business Entity check one:

    

    
      	
              [
                ]
                Trust

            	
              Authorized
                Person _________________________

            	
              Capacity_____________________

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    
      	 	 	 
	
              [
                ]
                Estate

            	
              Authorized
                Person _________________________

            	
              Capacity_____________________

            
	 	 	 
	
              [
                ]
                Corporation

            	
              Authorized
                Person _________________________

            	
              Capacity_____________________

            

    

    

    
      	
              [
                ]
                Limited Liability Company

            	
              Authorized
                Person _________________________

            	
              Capacity_____________________

            
	 	 	 
	
              [
                ]
                Partnership

            	
              Authorized
                Person _________________________

            	
              Capacity_____________________

            
	 	 	 
	
              [
                ]
                Other ____________________ (Describe)

            	 
	
               

            	
              Authorized
                Person _________________________

            	
              Capacity_____________________

            

    

    

    ACCEPTANCE
      OF SUBSCRIPTION

     

    The
      foregoing Subscription is hereby accepted for and on behalf of Solar Energy
      Towers, Inc. this _____day of __________, 200_.

    
 

    
      
        	 	
                SOLAR
                  ENERGY TOWERS, INC.

                 

                By:
                  ________________________________

                Name:
                  _________________________

                Title:
                  ___________________________ 

              

      

    

     

    
      
         

      

      
        2

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