Document:

EXHIBIT
        A

       

      REGISTRATION
        RIGHTS AGREEMENT

       

      This
        Registration Rights Agreement (this “Agreement”)
        is
        made and entered into as of October 16, 2006, among Lev Pharmaceuticals,
        Inc., a
        Delaware corporation (the “Company”),
        and
        the several purchasers signatory hereto (each such purchaser is a “Purchaser”
and
        collectively, the “Purchasers”).

       

      This
        Agreement is made pursuant to the Securities Purchase Agreement, dated as
        of the
        date hereof between the Company and each Purchaser (the “Purchase
        Agreement”).

       

      The
        Company and each Purchaser hereby agrees as follows:

       

      1.  Definitions.
        Capitalized terms used and not otherwise defined herein that are defined
        in the
        Purchase Agreement shall have the meanings given such terms in the Purchase
        Agreement. As used in this Agreement, the following terms shall have the
        following meanings:

       

      “Advice”
shall
        have the meaning set forth in Section 6(d).

       

      “Effectiveness
        Date”
means,
        with respect to the initial Registration Statement required to be filed
        hereunder, the 120th
        calendar
        day following the actual filing date of the Registration Statement (the
        180th
        calendar
        day in the case of a “full review” by the Commission) and, with respect to any
        additional Registration Statements which may be required pursuant to Section
        3(c), the 90th calendar day following the date on which the Company first
        knows,
        or reasonably should have known, that such additional Registration Statement
        is
        required hereunder; provided,
        however,
        in the
        event the Company is notified by the Commission that one of the above
        Registration Statements will not be reviewed or is no longer subject to further
        review and comments, the Effectiveness Date as to such Registration Statement
        shall be the seventh Trading Day following the date on which the Company
        is so
        notified if such date precedes the dates required above and the Company shall
        file an acceleration request with the Commission with 5 Trading Days from
        such
        date.

       

      “Effectiveness
        Period”
shall
        have the meaning set forth in Section 2(a).

       

      “Event”
shall
        have the meaning set forth in Section 2(b).

       

      “Event
        Date”
shall
        have the meaning set forth in Section 2(b).

       

      “Filing
        Date”
means,
        with respect to the initial Registration Statement required hereunder, the
        30th
        calendar
        day following the initial Closing Date and, with respect to any additional
        Registration Statements which may be required pursuant to Section 3(c), the
        30th
        day
        following the date on which the Company first knows, or reasonably should
        have
        known that such additional Registration Statement is required
        hereunder.

       

      
        
          
          

        

        
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      “Holder”
or
        “Holders”
means
        the holder or holders, as the case may be, from time to time of Registrable
        Securities.

       

      “Indemnified
        Party”
shall
        have the meaning set forth in Section 5(c).

       

      “Indemnifying
        Party”
shall
        have the meaning set forth in Section 5(c).

       

      “Losses”
shall
        have the meaning set forth in Section 5(a).

       

      “Plan
        of Distribution”
shall
        have the meaning set forth in Section 2(a). 

       

      “Prospectus”
means
        the prospectus included in a Registration Statement (including, without
        limitation, a prospectus that includes any information previously omitted
        from a
        prospectus filed as part of an effective registration statement in reliance
        upon
        Rule 430A promulgated under the Securities Act), as amended or supplemented
        by
        any prospectus supplement, with respect to the terms of the offering of any
        portion of the Registrable Securities covered by a Registration Statement,
        and
        all other amendments and supplements to the Prospectus, including post-effective
        amendments, and all material incorporated by reference or deemed to be
        incorporated by reference in such Prospectus.

       

      “Registrable
        Securities”
means
        all of (i) the Shares issuable, (ii) the Warrant Shares issuable, (iii) any
        additional shares issuable in connection with any anti-dilution provisions
        in
        the Warrants (without giving effect to any limitations on exercise set forth
        in
        the Warrant) and (iv) any shares of Common Stock issued or issuable upon
        any
        stock split, dividend or other distribution, recapitalization or similar
        event
        with respect to the foregoing. 

       

      “Registration
        Statement”
means
        the registration statements required to be filed hereunder and any additional
        registration statements contemplated by Section 3(c), including (in each
        case)
        the Prospectus, amendments and supplements to such registration statement
        or
        Prospectus, including pre- and post-effective amendments, all exhibits thereto,
        and all material incorporated by reference or deemed to be incorporated by
        reference in such registration statement.

       

      “Rule
        415”
means
        Rule 415 promulgated by the Commission pursuant to the Securities Act, as
        such
        Rule may be amended from time to time, or any similar rule or regulation
        hereafter adopted by the Commission having substantially the same purpose
        and
        effect as such Rule.

       

      “Rule
        424”
means
        Rule 424 promulgated by the Commission pursuant to the Securities Act, as
        such
        Rule may be amended from time to time, or any similar rule or regulation
        hereafter adopted by the Commission having substantially the same purpose
        and
        effect as such Rule.

       

      “Selling
        Shareholder Questionnaire”
shall
        have the meaning set forth in Section 3(a).

       

      
        
          
          

        

        
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      2.  Shelf
        Registration.

       

      (a)  On
        or
        prior to each Filing Date, the Company shall prepare and file with the
        Commission a “Shelf” Registration Statement covering the resale of 130% of the
        Registrable Securities on such Filing Date for an offering to be made on
        a
        continuous basis pursuant to Rule 415. The Registration Statement shall be
        on
        Form SB-2 (unless the Company is then eligible to register for resale the
        Registrable Securities on Form S-3, in which case such registration shall
        be on
        Form S-3) and shall contain (unless otherwise directed by at least an 50.1%
        majority in interest of the Holders or in accordance with comments from the
        Commission or the NASD) substantially the “Plan
        of Distribution”
        attached hereto as Annex
        A.
        Subject
        to the terms of this Agreement, the Company shall use commercially reasonable
        best efforts to cause a Registration Statement to be declared effective under
        the Securities Act as promptly as possible after the filing thereof, but
        in any
        event prior to the applicable Effectiveness Date, and shall use its best
        efforts
        to keep such Registration Statement continuously effective under the Securities
        Act until all Registrable Securities covered by such Registration Statement
        have
        been sold, or may be sold without volume restrictions pursuant to Rule 144(k),
        as determined by the counsel to the Company pursuant to a written opinion
        letter
        to such effect, addressed and acceptable to the Company’s transfer agent and the
        affected Holders (the “Effectiveness
        Period”).
        The
        Company shall immediately notify the Holders via facsimile or e-mail of the
        effectiveness of a Registration Statement on the same Trading Day that the
        Company telephonically confirms effectiveness with the Commission, which
        shall
        be the date requested for effectiveness of a Registration Statement. The
        Company
        shall, by 9:30 am Eastern Time on the Trading Day after the Effective Date
        (as
        defined in the Purchase Agreement), file a final Prospectus with the Commission
        as required by Rule 424. 

       

      (b)  If
        a
        Registration Statement filed or required to be filed hereunder is not declared
        effective by the Commission by its Effectiveness Date then in addition to
        any
        other rights the Holders may have hereunder or under applicable law, on such
        Effectiveness Date, the Company shall issue to each Holder, as partial
        liquidated damages and not as a penalty, such number of additional common
        stock
        purchase warrants as is equal to 3.0% of the aggregate purchase price paid
        by
        such Holder pursuant to the Purchase Agreement for any Registrable Securities
        then held by such Holder, which warrants shall be exercisable for a period
        of
        five years from the Event Date at an exercise price of $0.01 per share. The
        parties agree that the Company will not be liable for liquidated damages
        under
        this Section 2(b) in respect of the Warrants or the Warrant Shares.

       

      3.  Registration
        Procedures

       

      In
        connection with the Company’s registration obligations hereunder, the Company
        shall:

       

      (a)  Not
        less
        than five Trading Days prior to the filing of each Registration Statement
        and
        not less than 1 Trading Day prior to the filing of any related Prospectus
        or any
        amendment or supplement thereto, the Company shall, (i) furnish to each Holder
        copies of all such documents proposed to be filed, which documents will be
        subject to the review of such Holders  (it
        being
        acknowledged and agreed that if a Holder does not object to or comment on
        the
        aforementioned documents within such five Trading Day period, then the Holder
        shall be deemed to have consented to and approved the use of such documents),
        and (ii) cause its officers and directors, counsel and independent certified
        public accountants to respond to such inquiries as shall be necessary, in
        the
        reasonable opinion of respective counsel to each Holder to conduct a reasonable
        investigation within the meaning of the Securities Act. The Company shall
        not
        file a Registration Statement or any such Prospectus or any amendments or
        supplements thereto to which the Holders of a majority of the Registrable
        Securities shall reasonably object in good faith, provided that, the Company
        is
        notified of such objection in writing no later than 4 Trading Days after
        the
        Holders have been so furnished copies of a Registration Statement or 1 Trading
        Day after the Holders have been so furnished copies of any related Prospectus
        or
        amendment or supplement thereto. Each Holder agrees to furnish to the Company
        a
        completed Questionnaire in the form attached to this Agreement as Annex B
        (a
“Selling
        Shareholder Questionnaire”)
        not
        less than two Trading Days prior to the Filing Date or by the end of the
        fourth
        Trading Day following the date on which such Holder receives draft materials
        in
        accordance with this Section. The Company shall not be required to include
        the
        Registrable Securities of a Holder in a Registration Statement and shall
        not be
        required to pay any liquidated or other damages under Section 2(b) to any
        Holder
        who fails to furnish to the Company a fully completed Selling Holder
        Questionnaire at least two Trading Days prior to the Filing Date (subject
        to the
        requirements set forth in Section 3(a)).

       

      
        
          
          

        

        
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      (b)  (i)
        Prepare and file with the Commission such amendments, including post-effective
        amendments, to a Registration Statement and the Prospectus used in connection
        therewith as may be necessary to keep a Registration Statement continuously
        effective as to the applicable Registrable Securities for the Effectiveness
        Period and prepare and file with the Commission such additional Registration
        Statements in order to register for resale under the Securities Act all of
        the
        Registrable Securities; (ii) cause the related Prospectus to be amended or
        supplemented by any required Prospectus supplement (subject to the terms
        of this
        Agreement), and as so supplemented or amended to be filed pursuant to Rule
        424;
        (iii) respond as promptly as reasonably possible to any comments received
        from
        the Commission with respect to a Registration Statement or any amendment
        thereto
        and as promptly as reasonably possible provide the Holders true and complete
        copies of all correspondence from and to the Commission relating to a
        Registration Statement that pertain to the Holders as Selling Shareholders
        (provided that the Company may excise any information contained therein which
        would constitute material non-public information as to any Holder which has
        not
        executed a confidentiality agreement with the Company); and (iv) comply in
        all
        material respects with the provisions of the Securities Act and the Exchange
        Act
        with respect to the disposition of all Registrable Securities covered by
        a
        Registration Statement during the applicable period in accordance (subject
        to
        the terms of this Agreement) with the intended methods of disposition by
        the
        Holders thereof set forth in such Registration Statement as so amended or
        in
        such Prospectus as so supplemented.

       

      (c)  If
        during
        the Effectiveness Period, the number of Registrable Securities at any time
        exceeds 90% of the number of shares of Common Stock then registered in a
        Registration Statement, then the Company shall file as soon as reasonably
        practicable but in any case prior to the applicable Filing Date, an additional
        Registration Statement covering the resale by the Holders of not less than
        130%
        of the number of such Registrable Securities.

       

      
        
          
          

        

        
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      (d)  Notify
        the Holders of Registrable Securities to be sold (which notice shall, pursuant
        to clauses (iii) through (vi) hereof, be accompanied by an instruction to
        suspend the use of the Prospectus until the requisite changes have been made)
        as
        promptly as reasonably possible (and, in the case of (i)(A) below, not less
        than
        1 Trading Day prior to such filing) and (if requested by any such Person)
        confirm such notice in writing no later than one Trading Day following the
        day
        (i)(A) when a Prospectus or any Prospectus supplement or post-effective
        amendment to a Registration Statement is proposed to be filed; (B) when the
        Commission notifies the Company whether there will be a “review” of such
        Registration Statement and whenever the Commission comments in writing on
        such
        Registration Statement; and (C) with respect to a Registration Statement
        or any
        post-effective amendment, when the same has become effective; (ii) of any
        request by the Commission or any other Federal or state governmental authority
        (or the NASD) for amendments or supplements to a Registration Statement or
        Prospectus or for additional information; (iii) of the issuance by the
        Commission or any other federal or state governmental authority of any stop
        order suspending the effectiveness of a Registration Statement covering any
        or
        all of the Registrable Securities or the initiation of any Proceedings for
        that
        purpose; (iv) of the receipt by the Company of any notification with respect
        to
        the suspension of the qualification or exemption from qualification of any
        of
        the Registrable Securities for sale in any jurisdiction, or the initiation
        or
        threatening of any Proceeding for such purpose; and (v) of the occurrence
        of any
        event or passage of time that makes the financial statements included in
        a
        Registration Statement ineligible for inclusion therein or any statement
        made in
        a Registration Statement or Prospectus or any document incorporated or deemed
        to
        be incorporated therein by reference untrue in any material respect or that
        requires any revisions to a Registration Statement, Prospectus or other
        documents so that, in the case of a Registration Statement or the Prospectus,
        as
        the case may be, it will not contain any untrue statement of a material fact
        or
        omit to state any material fact required to be stated therein or necessary
        to
        make the statements therein, in light of the circumstances under which they
        were
        made, not misleading.

       

      (e)  Use
        its
        commercially reasonable best efforts to avoid the issuance of, or, if issued,
        obtain the withdrawal of (i) any order suspending the effectiveness of a
        Registration Statement, or (ii) any suspension of the qualification (or
        exemption from qualification) of any of the Registrable Securities for sale
        in
        any jurisdiction, at the earliest practicable moment.

       

      (f)  If
        requested by a Holder, furnish to such Holder, without charge, at least one
        conformed copy of each such Registration Statement and each amendment thereto,
        including financial statements and schedules, all documents incorporated
        or
        deemed to be incorporated therein by reference to the extent requested by
        such
        Person, and all exhibits to the extent requested by such Person (including
        those
        previously furnished or incorporated by reference) promptly after the filing
        of
        such documents with the Commission.

       

      
        
          
          

        

        
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      (g)  Subject
        to the terms of this Agreement, the Company hereby consents to the use of
        such
        Prospectus and each amendment or supplement thereto by each of the selling
        Holders in connection with the offering and sale of the Registrable Securities
        covered by such Prospectus and any amendment or supplement thereto, except
        after
        the giving of any notice pursuant to Section 3(d).

       

      (h)  If
        NASDR
        Rule 2710 requires any broker-dealer to make a filing prior to executing
        a sale
        by a Holder, the Company shall, at the request of one such broker-dealer
        (i)
        make an Issuer Filing with the NASDR, Inc. Corporate Financing Department
        pursuant to proposed NASDR Rule 2710(b)(10)(A)(i), (ii) respond within five
        Trading Days to any comments received from NASDR in connection therewith,
        and
        (iii) pay the filing fee required in connection therewith.

       

      (i)  Prior
        to
        any resale of Registrable Securities by a Holder, use its commercially
        reasonable best efforts to register or qualify or cooperate with the selling
        Holders in connection with the registration or qualification (or exemption
        from
        the Registration or qualification) of such Registrable Securities for the
        resale
        by the Holder under the securities or Blue Sky laws of such jurisdictions
        within
        the United States as any Holder reasonably requests in writing, to keep each
        registration or qualification (or exemption therefrom) effective during the
        Effectiveness Period and to do any and all other acts or things reasonably
        necessary to enable the disposition in such jurisdictions of the Registrable
        Securities covered by each Registration Statement; provided, that the Company
        shall not be required to qualify generally to do business in any jurisdiction
        where it is not then so qualified, subject the Company to any material tax
        in
        any such jurisdiction where it is not then so subject or file a general consent
        to service of process in any such jurisdiction.

       

      (j)  Cooperate
        with the Holders to facilitate the timely preparation and delivery of
        certificates representing Registrable Securities to be delivered to a transferee
        pursuant to a Registration Statement, which certificates shall be free, to
        the
        extent permitted by the Purchase Agreement, of all restrictive legends, and
        to
        enable such Registrable Securities to be in such denominations and registered
        in
        such names as any such Holders may request.

       

      (k)  Upon
        the
        occurrence of any event contemplated by this Section 3, as promptly as
        reasonably possible under the circumstances taking into account the Company’s
        good faith assessment of any adverse consequences to the Company and its
        stockholders of the premature disclosure of such event, prepare a supplement
        or
        amendment, including a post-effective amendment, to a Registration Statement
        or
        a supplement to the related Prospectus or any document incorporated or deemed
        to
        be incorporated therein by reference, and file any other required document
        so
        that, as thereafter delivered, neither a Registration Statement nor such
        Prospectus will contain an untrue statement of a material fact or omit to
        state
        a material fact required to be stated therein or necessary to make the
        statements therein, in light of the circumstances under which they were made,
        not misleading. If
        the
        Company notifies the Holders in accordance with clauses (iii) through (v)
        of
        Section 3(d) above to suspend the use of any Prospectus until the requisite
        changes to such Prospectus have been made, then the Holders shall suspend
        use of
        such Prospectus. The Company will use, in good faith, its commercially
        reasonable best efforts to ensure that the use of the Prospectus may be resumed
        as promptly as is practicable. The Company shall be entitled to exercise
        its
        right under this Section 3(k) to suspend the availability of a Registration
        Statement and Prospectus, subject to the payment of partial liquidated damages
        pursuant to Section 2(b), for a period not to exceed 60 calendar days (which
        need not be consecutive days) in any 12 month period.

       

      
        
          
          

        

        
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      (l)  Cooperate
        with any reasonable due diligence investigation undertaken by the Holders
        in
        connection with the sale of Registrable Securities, including, without
        limitation, by making available any documents and information; provided
        that the
        Company will not deliver or make available to any Holder material, nonpublic
        information unless such Holder specifically requests in advance to receive
        material, nonpublic information in writing and, if requested by the Company,
        such Holder agrees in writing to treat such information
        confidentially.

       

      (m)  Comply
        with all applicable rules and regulations of the Commission. 

       

      (n)  The
        Company may require each selling Holder to furnish to the Company a certified
        statement as to the number of shares of Common Stock beneficially owned by
        such
        Holder and, if required by the Commission, the natural persons thereof that
        have
        voting and dispositive control over the Shares.

       

      4.  Registration
        Expenses.
        All
        fees and expenses incident to the performance of or compliance with this
        Agreement by the Company shall be borne by the Company whether or not any
        Registrable Securities are sold pursuant to a Registration Statement. The
        fees
        and expenses referred to in the foregoing sentence shall include, without
        limitation, (i) all registration and filing fees (including, without limitation,
        fees and expenses (A) with respect to filings required to be made with any
        Trading Market on which the Common Stock is then listed for trading, (B)
        in
        compliance with applicable state securities or Blue Sky laws reasonably agreed
        to by the Company in writing (including, without limitation, fees and
        disbursements of counsel for the Company in connection with Blue Sky
        qualifications or exemptions of the Registrable Securities) and (C) if not
        previously paid by the Company in connection with an Issuer Filing, with
        respect
        to any filing that may be required to be made by any broker through which
        a
        Holder intends to make sales of Registrable Securities with NASD Regulation,
        Inc. pursuant to the NASD Rule 2710, so long as the broker is receiving no
        more
        than a customary brokerage commission in connection with such sale, (ii)
        printing expenses (including, without limitation, expenses of printing
        certificates for Registrable Securities, (iii) messenger, telephone and delivery
        expenses, (iv) fees and disbursements of counsel for the Company, (v) Securities
        Act liability insurance, if the Company so desires such insurance, and (vi)
        fees
        and expenses of all other Persons retained by the Company in connection with
        the
        consummation of the transactions contemplated by this Agreement. In addition,
        the Company shall be responsible for all of its internal expenses incurred
        in
        connection with the consummation of the transactions contemplated by this
        Agreement (including, without limitation, all salaries and expenses of its
        officers and employees performing legal or accounting duties), the expense
        of
        any annual audit and the fees and expenses incurred in connection with the
        listing of the Registrable Securities on any securities exchange as required
        hereunder. In no event shall the Company be responsible for any broker or
        similar commissions of any Holder or, except to the extent provided for in
        the
        Transaction Documents, any legal fees or other costs of the
        Holders.

       

      
        
          
          

        

        
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      5.  Indemnification

       

      (a)  Indemnification
        by the Company.
        The
        Company shall, notwithstanding any termination of this Agreement, indemnify
        and
        hold harmless each Holder, the officers, directors, members, partners, agents,
        investment advisors and employees (and any other Persons with a functionally
        equivalent role of a Person holding such titles, notwithstanding a lack of
        such
        title or any other title) of each of them, each Person who controls any such
        Holder (within the meaning of Section 15 of the Securities Act or Section
        20 of
        the Exchange Act) and the officers, directors, members, shareholders, partners,
        agents and employees (and any other Persons with a functionally equivalent
        role
        of a Person holding such titles, notwithstanding a lack of such title or
        any
        other title)of each such controlling Person, to the fullest extent permitted
        by
        applicable law, from and against any and all losses, claims, damages,
        liabilities, costs (including, without limitation, reasonable attorneys’ fees)
        and expenses (collectively, “Losses”),
        as
        incurred, arising out of or relating to (1) any untrue or alleged untrue
        statement of a material fact contained in a Registration Statement, any
        Prospectus or any form of prospectus or in any amendment or supplement thereto
        or in any preliminary prospectus, or arising out of or relating to any omission
        or alleged omission of a material fact required to be stated therein or
        necessary to make the statements therein (in the case of any Prospectus or
        form
        of prospectus or supplement thereto, in light of the circumstances under
        which
        they were made) not misleading, or (2) any violation or alleged violation
        by the
        Company of the Securities Act, Exchange Act or any state securities law,
        or any
        rule or regulation thereunder, in connection with the performance of its
        obligations under this Agreement, except to the extent, but only to the extent,
        that (i) such untrue statements or omissions are based solely upon information
        regarding such Holder furnished in writing to the Company by such Holder
        expressly for use therein, or to the extent that such information relates
        to
        such Holder or such Holder’s proposed method of distribution of Registrable
        Securities and was reviewed and expressly approved in writing by such Holder
        expressly for use in a Registration Statement, such Prospectus or such form
        of
        Prospectus or in any amendment or supplement thereto (it being understood
        that
        the Holder has approved Annex A hereto for this purpose) or (ii) in the case
        of
        an occurrence of an event of the type specified in Section 3(d)(iii)-(vi),
        the
        use by such Holder of an outdated or defective Prospectus after the Company
        has
        notified such Holder in writing that the Prospectus is outdated or defective
        and
        prior to the receipt by such Holder of the Advice contemplated in Section
        6(d).
        The Company shall notify the Holders promptly of the institution, threat
        or
        assertion of any Proceeding arising from or in connection with the transactions
        contemplated by this Agreement of which the Company is aware. The Holders
        agree
        that the indemnity agreement contained in this Section 5(a) shall not apply
        to
        amounts paid in settlement of any Losses if such settlement is effected without
        the prior written consent of the Company, which consent shall not be
        unreasonably withheld.

       

      
        
          
          

        

        
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      (b)  Indemnification
        by Holders.
        Each
        Holder shall, severally and not jointly, indemnify and hold harmless the
        Company, its directors, officers, agents and employees, each Person who controls
        the Company (within the meaning of Section 15 of the Securities Act and Section
        20 of the Exchange Act), and the directors, officers, agents or employees
        of
        such controlling Persons, to the fullest extent permitted by applicable law,
        from and against all Losses, as incurred, to the extent arising out of or
        based
        solely upon: (x) such Holder’s failure to comply with the prospectus delivery
        requirements of the Securities Act or (y) any untrue or alleged untrue statement
        of a material fact contained in any Registration Statement, any Prospectus,
        or
        any form of prospectus, or in any amendment or supplement thereto or in any
        preliminary prospectus, or arising out of or relating to any omission or
        alleged
        omission of a material fact required to be stated therein or necessary to
        make
        the statements therein not misleading (i) to the extent, but only to the
        extent,
        that such untrue statement or omission is contained in any information so
        furnished in writing by such Holder to the Company specifically for inclusion
        in
        such Registration Statement or such Prospectus or (ii) to the extent that
        such
        information relates to such Holder’s proposed method of distribution of
        Registrable Securities and was reviewed and expressly approved in writing
        by
        such Holder expressly for use in a Registration Statement (it being understood
        that the Holder has approved Annex A hereto for this purpose), such Prospectus
        or such form of Prospectus or in any amendment or supplement thereto or (iii)
        in
        the case of an occurrence of an event of the type specified in Section
        3(d)(iii)-(vi), the use by such Holder of an outdated or defective Prospectus
        after the Company has notified such Holder in writing that the Prospectus
        is
        outdated or defective and prior to the receipt by such Holder of the Advice
        contemplated in Section 6(d). In no event shall the liability of any selling
        Holder hereunder be greater in amount than the dollar amount of the net proceeds
        received by such Holder upon the sale of the Registrable Securities giving
        rise
        to such indemnification obligation. The Company agrees that the indemnity
        agreement contained in this Section 5(b) shall not apply to amounts paid
        in
        settlement of any Losses if such settlement is effected without the prior
        written consent of the Holder, which consent shall not be unreasonably
        withheld.

       

      (c)  Conduct
        of Indemnification Proceedings.
        If any
        Proceeding shall be brought or asserted against any Person entitled to indemnity
        hereunder (an “Indemnified
        Party”),
        such
        Indemnified Party shall promptly notify the Person from whom indemnity is
        sought
        (the “Indemnifying
        Party”)
        in
        writing, and the Indemnifying Party shall have the right to assume the defense
        thereof, including the employment of counsel reasonably satisfactory to the
        Indemnified Party and the payment of all fees and expenses incurred in
        connection with defense thereof; provided, that the failure of any Indemnified
        Party to give such notice shall not relieve the Indemnifying Party of its
        obligations or liabilities pursuant to this Agreement, except (and only)
        to the
        extent that it shall be finally determined by a court of competent jurisdiction
        (which determination is not subject to appeal or further review) that such
        failure shall have prejudiced the Indemnifying Party.

       

      An
        Indemnified Party shall have the right to employ separate counsel in any
        such
        Proceeding and to participate in the defense thereof, but the fees and expenses
        of such counsel shall be at the expense of such Indemnified Party or Parties
        unless: (1) the Indemnifying Party has agreed in writing to pay such fees
        and
        expenses; (2) the Indemnifying Party shall have failed promptly to assume
        the
        defense of such Proceeding and to employ counsel reasonably satisfactory
        to such
        Indemnified Party in any such Proceeding; or (3) the named parties to any
        such
        Proceeding (including any impleaded parties) include both such Indemnified
        Party
        and the Indemnifying Party, and counsel to the Indemnified Party shall
        reasonably believe that a material conflict of interest is likely to exist
        if
        the same counsel were to represent such Indemnified Party and the Indemnifying
        Party (in which case, if such Indemnified Party notifies the Indemnifying
        Party
        in writing that it elects to employ separate counsel at the expense of the
        Indemnifying Party, the Indemnifying Party shall not have the right to assume
        the defense thereof and the reasonable fees and expenses of no more than
        one
        separate counsel shall be at the expense of the Indemnifying Party). The
        Indemnifying Party shall not be liable for any settlement of any such Proceeding
        effected without its written consent, which consent shall not be unreasonably
        withheld or delayed. No Indemnifying Party shall, without the prior written
        consent of the Indemnified Party, effect any settlement of any pending
        Proceeding in respect of which any Indemnified Party is a party, unless such
        settlement includes an unconditional release of such Indemnified Party from
        all
        liability on claims that are the subject matter of such Proceeding.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      Subject
        to the terms of this Agreement, all reasonable fees and expenses of the
        Indemnified Party (including reasonable fees and expenses to the extent incurred
        in connection with investigating or preparing to defend such Proceeding in
        a
        manner not inconsistent with this Section) shall be paid to the Indemnified
        Party, as incurred, within twenty Trading Days of written notice thereof
        to the
        Indemnifying Party; provided,
        that
        the Indemnified Party shall promptly reimburse the Indemnifying Party for
        that
        portion of such fees and expenses applicable to such actions for which such
        Indemnified Party is judicially determined to be not entitled to indemnification
        hereunder.

       

      (d)  Contribution.
        If the
        indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified
        Party or insufficient to hold an Indemnified Party harmless for any Losses,
        then
        each Indemnifying Party shall contribute to the amount paid or payable by
        such
        Indemnified Party, in such proportion as is appropriate to reflect the relative
        fault of the Indemnifying Party and Indemnified Party in connection with
        the
        actions, statements or omissions that resulted in such Losses as well as
        any
        other relevant equitable considerations. The relative fault of such Indemnifying
        Party and Indemnified Party shall be determined by reference to, among other
        things, whether any action in question, including any untrue or alleged untrue
        statement of a material fact or omission or alleged omission of a material
        fact,
        has been taken or made by, or relates to information supplied by, such
        Indemnifying Party or Indemnified Party, and the parties’ relative intent,
        knowledge, access to information and opportunity to correct or prevent such
        action, statement or omission. The amount paid or payable by a party as a
        result
        of any Losses shall be deemed to include, subject to the limitations set
        forth
        in this Agreement, any reasonable attorneys’ or other fees or expenses incurred
        by such party in connection with any Proceeding to the extent such party
        would
        have been indemnified for such fees or expenses if the indemnification provided
        for in this Section was available to such party in accordance with its
        terms.

       

      The
        parties hereto agree that it would not be just and equitable if contribution
        pursuant to this Section 5(d) were determined by pro rata allocation or by
        any
        other method of allocation that does not take into account the equitable
        considerations referred to in the immediately preceding paragraph.
        Notwithstanding the provisions of this Section 5(d), no Holder shall be required
        to contribute, in the aggregate, any amount in excess of the amount by which
        the
        net proceeds actually received by such Holder from the sale of the Registrable
        Securities subject to the Proceeding exceeds the amount of any damages that
        such
        Holder has otherwise been required to pay by reason of such untrue or alleged
        untrue statement or omission or alleged omission, except in the case of fraud
        by
        such Holder. No
        person
        guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
        of
        the Securities Act) shall be entitled to contribution from any Person who
        was
        not guilty of such fraudulent misrepresentation.

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      The
        indemnity and contribution agreements contained in this Section are in addition
        to any liability that the Indemnifying Parties may have to the Indemnified
        Parties.

       

      6.  Miscellaneous

       

      (a)  Remedies.
        In the
        event of a breach by the Company or by a Holder, of any of their respective
        obligations under this Agreement, each Holder or the Company, as the case
        may
        be, in addition to being entitled to exercise all rights granted by law and
        under this Agreement, including recovery of damages, will be entitled to
        specific performance of its rights under this Agreement. The Company and
        each
        Holder agree that monetary damages would not provide adequate compensation
        for
        any losses incurred by reason of a breach by it of any of the provisions
        of this
        Agreement and hereby further agrees that, in the event of any action for
        specific performance in respect of such breach, it shall not assert or shall
        waive the defense that a remedy at law would be adequate.

       

      (b)  No
        Piggyback on Registrations.
        Except
        as set forth on the disclosure schedule attached to the Purchase Agreement,
        neither the Company nor any of its security holders (other than the Holders
        in
        such capacity pursuant hereto) may include securities of the Company in the
        initial Registration Statement other than the Registrable Securities, and
        the
        Company shall not, during the period beginning on the date hereof and ending
        on
        the Trading Day immediately following the actual effective date of such initial
        Registration Statement, enter into any agreement providing any such right
        to any
        of its security holders. Notwithstanding the foregoing, however, the Company
        may
        grant piggyback registration rights to third parties during the aforementioned
        period provided, however, that such rights would expressly exclude the initial
        Registration Statement contemplated by this Agreement. The Company shall
        not
        file any other registration statements until the initial Registration Statement
        required hereunder is declared effective by the Commission (other than a
        Registration Statement on Form S-8 relating to the Company’s stock option or
        purchase plans), provided that this Section 6(b) shall not prohibit the Company
        from filing amendments to registration statements already filed.

       

      (c)  Compliance.
        Each
        Holder covenants and agrees that it will comply with the prospectus delivery
        requirements of the Securities Act as applicable to it in connection with
        sales
        of Registrable Securities pursuant to a Registration Statement.

       

      (d)  Discontinued
        Disposition.
        Each
        Holder agrees by its acquisition of Registrable Securities that, upon receipt
        of
        a notice from the Company of the occurrence of any event of the kind described
        in Section 3(d), such Holder will forthwith discontinue disposition of such
        Registrable Securities under a Registration Statement until it is advised
        in
        writing (the “Advice”)
        by the
        Company that the use of the applicable Prospectus (as it may have been
        supplemented or amended) may be resumed. The Company will use its commercially
        reasonable best efforts to ensure that the use of the Prospectus may be resumed
        as promptly as it practicable. The
        Company agrees and acknowledges that any periods during which the Holder
        is
        required to discontinue the disposition of the Registrable Securities hereunder
        shall be subject to the provisions of Section 2(b).

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      (e)  Piggy-Back
        Registrations.
        If at
        any time during the Effectiveness Period there is not an effective Registration
        Statement covering all of the Registrable Securities and the Company shall
        determine to prepare and file with the Commission a registration statement
        relating to an offering for its own account or the account of others under
        the
        Securities Act of any of its equity securities, other than on Form S-4 or
        Form
        S-8 (each as promulgated under the Securities Act) or their then equivalents
        relating to equity securities to be issued solely in connection with any
        acquisition of any entity or business or equity securities issuable in
        connection with the stock option or other employee benefit plans, then the
        Company shall send to each Holder a written notice of such determination
        and, if
        within fifteen days after the date of such notice, any such Holder shall
        so
        request in writing, the Company shall include in such registration statement
        all
        or any part of such Registrable Securities such Holder requests to be
        registered, subject to customary underwriter cutbacks applicable to all holders
        of registration rights on a pro rata basis,
        provided
        that if
        at any time after giving written notice of its intention to register any
        securities and prior to the effective date of the registration statement
        filed
        in connection with such registration, the Company shall determine for any
        reason
        not to register or to delay registration of such securities, the Company
        may, at
        its election, give written notice of such determination to such Holder and,
        thereupon, (i) in the case of a determination not to register, shall be relieved
        of its obligation to register any Registrable Securities in connection with
        such
        registration (but not from its obligation to pay expenses in accordance with
        Section 4 hereof), and (ii) in the case of a determination to delay registering,
        shall be permitted to delay registering any Registrable Securities being
        registered pursuant to this Section 6(e) for the same period as the delay
        in
        registering such other securities Notwithstanding the foregoing, the Company
        shall not be required to register any Registrable Securities pursuant to
        this
        Section 6(e) that are eligible for resale pursuant to Rule 144(k) promulgated
        under the Securities Act or that are the subject of a then effective
        Registration Statement. Notwithstanding the foregoing, nothing herein shall
        be
        construed of
        relieving the Company of its obligations under this Agreement.

       

      (f)  Amendments
        and Waivers.
        The
        provisions of this Agreement, including the provisions of this sentence,
        may not
        be amended, modified or supplemented, and waivers or consents to departures
        from
        the provisions hereof may not be given, unless the same shall be in writing
        and
        signed by the Company and the Holders of at least 50% of the then outstanding
        Registrable Securities. Notwithstanding the foregoing, a waiver or consent
        to
        depart from the provisions hereof with respect to a matter that relates
        exclusively to the rights of Holders and that does not directly or indirectly
        affect the rights of other Holders may be given by Holders of all of the
        Registrable Securities to which such waiver or consent relates; provided,
        however,
        that
        the provisions of this sentence may not be amended, modified, or supplemented
        except in accordance with the provisions of the immediately preceding
        sentence.

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      (g)  Notices.
        Any and
        all notices or other communications or deliveries required or permitted to
        be
        provided hereunder shall be delivered as set forth in the Purchase
        Agreement.

       

      (h)  Successors
        and Assigns.
        This
        Agreement shall inure to the benefit of and be binding upon the successors
        and
        permitted assigns of each of the parties and shall inure to the benefit of
        each
        Holder. The Company may not assign its rights (except by merger) or obligations
        hereunder without the prior written consent of all of the Holders of the
        then-outstanding Registrable Securities. Each Holder may assign their respective
        rights hereunder in the manner and to the Persons as permitted under the
        Purchase Agreement.

       

      (i)  No
        Inconsistent Agreements.
        Neither
        the Company nor any of its Subsidiaries has entered, as of the date hereof,
        nor
        shall the Company or any of its Subsidiaries, on or after the date of this
        Agreement, enter into any agreement with respect to its securities, that
        would
        have the effect of impairing the rights granted to the Holders in this Agreement
        or otherwise conflicts with the provisions hereof. Except as set forth on
        Schedule
        6(i),
        neither
        the Company nor any of its subsidiaries has previously entered into any
        agreement granting any registration rights with respect to any of its securities
        to any Person that have not been satisfied in full.

       

      (j)  Execution
        and Counterparts.
        This
        Agreement may be executed in two or more counterparts, all of which when
        taken
        together shall be considered one and the same agreement and shall become
        effective when counterparts have been signed by each party and delivered
        to the
        other party, it being understood that both parties need not sign the same
        counterpart. In the event that any signature is delivered by facsimile
        transmission or by e-mail delivery of a “.pdf” format data file, such signature
        shall create a valid and binding obligation of the party executing (or on
        whose
        behalf such signature is executed) with the same force and effect as if such
        facsimile or “.pdf” signature page were an original thereof.

       

      (k)  Governing
        Law.
        All
        questions concerning the construction, validity, enforcement and interpretation
        of this Agreement shall be determined in accordance with the provisions of
        the
        Purchase Agreement.

       

      (l)  Cumulative
        Remedies.
        The
        remedies provided herein are cumulative and not exclusive of any other remedies
        provided by law.

       

      (m)  Severability.
        If any
        term, provision, covenant or restriction of this Agreement is held by a court
        of
        competent jurisdiction to be invalid, illegal, void or unenforceable, the
        remainder of the terms, provisions, covenants and restrictions set forth
        herein
        shall remain in full force and effect and shall in no way be affected, impaired
        or invalidated, and the parties hereto shall use their commercially reasonable
        best efforts to find and employ an alternative means to achieve the same
        or
        substantially the same result as that contemplated by such term, provision,
        covenant or restriction. It is hereby stipulated and declared to be the
        intention of the parties that they would have executed the remaining terms,
        provisions, covenants and restrictions without including any of such that
        may be
        hereafter declared invalid, illegal, void or unenforceable.

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      (n)  Headings.
        The
        headings in this Agreement are for convenience only, do not constitute a
        part of
        this Agreement, and shall not be deemed to limit or affect any of the provisions
        hereof.

       

      (o)  Independent
        Nature of Holders’ Obligations and Rights.
        The
        obligations of each Holder hereunder are several and not joint with the
        obligations of any other Holder hereunder, and no Holder shall be responsible
        in
        any way for the performance of the obligations of any other Holder hereunder.
        Nothing contained herein or in any other agreement or document delivered
        at any
        closing, and no action taken by any Holder pursuant hereto or thereto, shall
        be
        deemed to constitute the Holders as a partnership, an association, a joint
        venture or any other kind of entity, or create a presumption that the Holders
        are in any way acting in concert with respect to such obligations or the
        transactions contemplated by this Agreement. Each Holder shall be entitled
        to
        protect and enforce its rights, including without limitation the rights arising
        out of this Agreement, and it shall not be necessary for any other Holder
        to be
        joined as an additional party in any proceeding for such purpose.

       

      *************************

      

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties have executed this Registration Rights Agreement
        as
        of the date first written above.

       

      
        	 	 	 
	 	

                LEV
                  Pharmaceuticals, Inc.

              
	 
 	 
 	 
 
	Date: 	By:  	 
	 	
                
Name:
	 	Title:

      

      

      [SIGNATURE
        PAGE OF HOLDERS FOLLOWS]

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

      [SIGNATURE
        PAGE OF HOLDERS TO LEVP RRA]

       

       

       

      
        	Name
                of
                Holder: 	                                    
                	 	 
	Signature
                of Authorized Signatory of Holder:
                	                                 
                	 	 
	Name
                of
                Authorized Signatory:	                                
                	 	 
	Title
                of
                Authorized Signatory: 	                                 
                	 	 

      

       

      

      

      [SIGNATURE
        PAGES CONTINUE]

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

      ANNEX
        A

       

      Plan
        of Distribution

       

      Each
        Selling Stockholder (the “Selling
        Stockholders”)
        of the
        common stock and any of their pledgees, assignees and successors-in-interest
        may, from time to time, sell any or all of their shares of common stock on
        the
        [principal Trading Market] or any other stock exchange, market or trading
        facility on which the shares are traded or in private transactions. These
        sales
        may be at fixed or negotiated prices. A Selling Stockholder may use any one
        or
        more of the following methods when selling shares:

       

      	·  	
              ordinary
                brokerage transactions and transactions in which the broker-dealer
                solicits purchasers;

            

       

      	·  	
              block
                trades in which the broker-dealer will attempt to sell the shares
                as agent
                but may position and resell a portion of the block as principal to
                facilitate the transaction;

            

       

      	·  	
              purchases
                by a broker-dealer as principal and resale by the broker-dealer for
                its
                account;

            

       

      	·  	
              an
                exchange distribution in accordance with the rules of the applicable
                exchange;

            

       

      	·  	
              privately
                negotiated transactions;

            

       

      	·  	
              settlement
                of short sales entered into after the effective date of the registration
                statement of which this prospectus is a
                part;

            

       

      	·  	
              broker-dealers
                may agree with the Selling Stockholders to sell a specified number
                of such
                shares at a stipulated price per share;

            

       

      	·  	
              through
                the writing or settlement of options or other hedging transactions,
                whether through an options exchange or otherwise;
                

            

       

      	·  	
              a
                combination of any such methods of sale;
                or

            

       

      	·  	
              any
                other method permitted pursuant to applicable
                law.

            

       

      The
        Selling Stockholders may also sell shares under Rule 144 under the Securities
        Act of 1933, as amended (the “Securities
        Act”),
        if
        available, rather than under this prospectus.

       

      Broker-dealers
        engaged by the Selling Stockholders may arrange for other brokers-dealers
        to
        participate in sales. Broker-dealers may receive commissions or discounts
        from
        the Selling Stockholders (or, if any broker-dealer acts as agent for the
        purchaser of shares, from the purchaser) in amounts to be negotiated, but,
        except as set forth in a supplement to this Prospectus, in the case of an
        agency
        transaction not in excess of a customary brokerage commission in compliance
        with
        NASDR Rule 2440; and in the case of a principal transaction a markup or markdown
        in compliance with NASDR IM-2440. 

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

       

      In
        connection with the sale of the common stock or interests therein, the Selling
        Stockholders may enter into hedging transactions with broker-dealers or other
        financial institutions, which may in turn engage in short sales of the Common
        Stock in the course of hedging the positions they assume. The Selling
        Stockholders may also enter into option or other transactions with
        broker-dealers or other financial institutions or the creation of one or
        more
        derivative securities which require the delivery to such broker-dealer or
        other
        financial institution of shares offered by this prospectus, which shares
        such
        broker-dealer or other financial institution may resell pursuant to this
        prospectus (as supplemented or amended to reflect such transaction). The
        Company
        has advised each Selling Stockholder that it may not use shares registered
        on
        this Registration Statement to cover short sales of Common Stock made prior
        to
        the date on which this Registration Statement shall have been declared effective
        by the Commission. 

       

      The
        Selling Stockholders and any broker-dealers or agents that are involved in
        selling the shares may be deemed to be “underwriters” within the meaning of the
        Securities Act in connection with such sales. In such event, any commissions
        received by such broker-dealers or agents and any profit on the resale of
        the
        shares purchased by them may be deemed to be underwriting commissions or
        discounts under the Securities Act. Each Selling Stockholder has informed
        the
        Company that it does not have any written or oral agreement or understanding,
        directly or indirectly, with any person to distribute the Common Stock. In
        no
        event shall any broker-dealer receive fees, commissions and markups which,
        in
        the aggregate, would exceed eight percent (8%).

       

      The
        Company is required to pay certain fees and expenses incurred by the Company
        incident to the registration of the shares. The Company has agreed to indemnify
        the Selling Stockholders against certain losses, claims, damages and
        liabilities, including liabilities under the Securities Act. 

       

      Because
        Selling Stockholders may be deemed to be “underwriters” within the meaning of
        the Securities Act, they will be subject to the prospectus delivery requirements
        of the Securities Act including Rule 172 thereunder. In addition, any securities
        covered by this prospectus which qualify for sale pursuant to Rule 144 under
        the
        Securities Act may be sold under Rule 144 rather than under this prospectus.
        There is no underwriter or coordinating broker acting in connection with
        the
        proposed sale of the resale shares by the Selling Stockholders.

       

      We
        agreed
        to keep this prospectus effective until the earlier of (i) the date on which
        the
        shares may be resold by the Selling Stockholders without registration and
        without regard to any volume limitations by reason of Rule 144(k) under the
        Securities Act or any other rule of similar effect or (ii) all of the shares
        have been sold pursuant to this prospectus or Rule 144 under the Securities
        Act
        or any other rule of similar effect. The resale shares will be sold only
        through
        registered or licensed brokers or dealers if required under applicable state
        securities laws. In addition, in certain states, the resale shares may not
        be
        sold unless they have been registered or qualified for sale in the applicable
        state or an exemption from the registration or qualification requirement
        is
        available and is complied with.

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

       

      Under
        applicable rules and regulations under the Exchange Act, any person engaged
        in
        the distribution of the resale shares may not simultaneously engage in market
        making activities with respect to the common stock for the applicable restricted
        period, as defined in Regulation M, prior to the commencement of the
        distribution. In addition, the Selling Stockholders will be subject to
        applicable provisions of the Exchange Act and the rules and regulations
        thereunder, including Regulation M, which may limit the timing of purchases
        and
        sales of shares of the common stock by the Selling Stockholders or any other
        person. We will make copies of this prospectus available to the Selling
        Stockholders and have informed them of the need to deliver a copy of this
        prospectus to each purchaser at or prior to the time of the sale.

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

       

      Annex
        B

       

      LEV
        Pharmaceuticals, Inc.

       

      Selling
        Securityholder Notice and Questionnaire

       

      The
        undersigned beneficial owner of common stock (the “Common
        Stock”),
        of
        Lev Pharmaceuticals, Inc., a Delaware corporation (the “Company”),
        (the
“Registrable
        Securities”)
        understands that the Company has filed or intends to file with the Securities
        and Exchange Commission (the “Commission”)
        a
        registration statement on Form SB-2 (the “Registration
        Statement”)
        for
        the registration and resale under Rule 415 of the Securities Act of 1933,
        as
        amended (the “Securities
        Act”),
        of
        the Registrable Securities, in accordance with the terms of the Registration
        Rights Agreement, dated as of [__________, 2006 (the “Registration
        Rights Agreement”),
        among
        the Company and the Purchasers named therein. A copy of the Registration
        Rights
        Agreement is available from the Company upon request at the address set forth
        below. All capitalized terms not otherwise defined herein shall have the
        meanings ascribed thereto in the Registration Rights Agreement.

       

      Certain
        legal consequences arise from being named as a selling securityholder in
        the
        Registration Statement and the related prospectus. Accordingly, holders and
        beneficial owners of Registrable Securities are advised to consult their
        own
        securities law counsel regarding the consequences of being named or not being
        named as a selling securityholder in the Registration Statement and the related
        prospectus.

       

      NOTICE

       

      The
        undersigned beneficial owner (the “Selling
        Securityholder”)
        of
        Registrable Securities hereby elects to include the Registrable Securities
        owned
        by it and listed below in Item 3 (unless otherwise specified under such Item
        3)
        in the Registration Statement.

       

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

      The
        undersigned hereby provides the following information to the Company and
        represents and warrants that such information is accurate:

       

      QUESTIONNAIRE

       

      1. Name.

       

      
        	 	
                (a)

              	
                Full
                  Legal Name of Selling Securityholder

              

        	 	 	                                            
                

        	 	 	
              

      

      
        	 	
                (b)

              	
                Full
                  Legal Name of Registered Holder (if not the same as (a) above)
                  through
                  which Registrable Securities Listed in Item 3 below are
                  held:

              

        	 	 	                                             
                

      

       

      
        	 	
                (c)

              	
                Full
                  Legal Name of Natural Control Person (which means a natural person
                  who
                  directly or indirectly alone or with others has power to vote or
                  dispose
                  of the securities covered by the
                  questionnaire):

              

        	 	 	                                              
                

      

       

      2.
        Address for Notices to Selling Securityholder:

       

      
        	                                           
                
	                                          
                
	                                                        
                
	Telephone:	                                             
                
	Fax:	                                                       
                
	Contact
                Person:	                                          
                

      

      

      3.
        Beneficial Ownership of Registrable Securities:

       

      
        	 	
                (a)

              	
                Type
                  and Number of Registrable Securities beneficially owned (including
                  the
                  Registrable Securities that are issuable pursuant to the Purchase
                  Agreement):

              

        	 	 	 

        	 	 	                                            
                

        	 	 	                                       
                

        	 	 	                                     
                

      

       

       

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

      4.
        Broker-Dealer Status:

      

        
          	 	
                  (a)

                	
                  Are
                    you a broker-dealer?

                

        

      

       

      
        	 	Yes
                o	 	No
                o	 

      

       

      
        	 	
                (b)

              	
                If
                  “yes” to Section 4(a), did you receive your Registrable Securities as
                  compensation for investment banking services to the
                  Company.

              

      

      

        
          	 	
                  Yes
                    o

                	 	
                  No
                    o

                	 

        

      

       

      
        	 	
                Note:

              	
                If
                  no, the Commission’s staff has indicated that you should be identified as
                  an underwriter in the Registration
                  Statement.

              

      

       

      
        	 	
                (c)

              	
                Are
                  you an affiliate of a
                  broker-dealer?

              

      

      

        
          	 	
                  Yes
                    o

                	 	
                  No
                    o

                	 

        

         

      

      
        	 	
                (d)

              	
                If
                  you are an affiliate of a broker-dealer, do you certify that you
                  bought
                  the Registrable Securities in the ordinary course of business,
                  and at the
                  time of the purchase of the Registrable Securities to be resold,
                  you had
                  no agreements or understandings, directly or indirectly, with any
                  person
                  to distribute the Registrable
                  Securities?

              

      

      

        
          	 	
                  Yes
                    o

                	 	
                  No
                    o

                	 

        

      

       

      
        	 	
                Note:

              	
                If
                  no, the Commission’s staff has indicated that you should be identified as
                  an underwriter in the Registration
                  Statement.

              

      

       

      5.
        Beneficial Ownership of Other Securities of the Company Owned by the Selling
        Securityholder.

       

      Except
        as set forth below in this Item 5, the undersigned is not the beneficial
        or
        registered owner of any securities of the Company other than the Registrable
        Securities listed above in Item 3.

       

      
        	 	
                (a)

              	
                Type
                  and Amount of Other Securities beneficially owned by the Selling
                  Securityholder (please include any warrants, options or other convertible
                  securities that you own which may be exercised or exchanged for
                  or
                  converted into shares of Common Stock of the Company within 60
                  days from
                  the date hereof):

              

        	 	 	 

        	 	 	                                        
                

        	 	 	                                              
                

      

       

       

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

      6.
        Relationships with the Company:

       

      Except
        as set forth below, neither the undersigned nor any of its affiliates, officers,
        directors or principal equity holders (owners of 5% of more of the equity
        securities of the undersigned) has held any position or office or has had
        any
        other material relationship with the Company (or its predecessors or affiliates)
        during the past three years.

       

      State
        any
        exceptions here:

      
         

        
          	 	                                                  
                  
	 	                                           
                  

        

      

      

      7. Legal
        Proceedings with the Company:

      

      Is
        the
        Company a party in any pending legal proceeding in which you are named as
        an
        adverse party?

      

        
          	 	
                  Yes
                    o

                	 	
                  No
                    o

                	 

        

         

      

      State
        any
        exceptions here:

      

        
          	 	                                        
                  
	 	                                   
                  

        

         

        
        

      

      The
        undersigned hereby acknowledges and is advised of the following Interpretation
        A.65 of the July 1997 SEC Manual of Publicly Available Telephone Interpretations
        regarding short selling:

       

      “An
        Issuer filed a Form S-3 registration statement for a secondary offering of
        common stock which is not yet effective. One of the selling shareholders
        wanted
        to do a short sale of common stock “against the box” and cover the short sale
        with registered shares after the effective date. The issuer was advised that
        the
        short sale could not be made before the registration statement become effective,
        because the shares underlying the short sale are deemed to be sold at the
        time
        such sale is made. There would, therefore, be a violation of Section 5 if
        the
        shares were effectively sold prior to the effective date.”

       

      By
        returning this Questionnaire, the undersigned will be deemed to be aware
        of the
        foregoing interpretation.

       

      In
        the
        event that the Company is required to file a new or additional registration
        statement to register shares of Common Stock beneficially owned by the
        undersigned, the undersigned hereby agrees to complete and return to the
        Company, upon the request of the Company, a new Questionnaire (in a form
        substantially similar to this Questionnaire).

       

      In
        the
        event that the undersigned transfers all or any portion of the Company’s Common
        Stock or Warrants after the date on which the information in this Questionnaire
        is provided to the Company, the undersigned agrees to notify the transferee(s)
        at the time of transfer of its rights and obligations hereunder.

       

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

      

      By
        signing below, the undersigned represents that the information provided herein
        is accurate and complete. The undersigned agrees to promptly notify the Company
        of any inaccuracies or changes in the information provided herein that may
        occur
        subsequent to the date hereof at any time while the Registration Statement
        remains effective.

      

      By
        signing below, the undersigned consents to the disclosure of the information
        contained herein in its answers to Items 1 through 6 and the inclusion of
        such
        information in the Registration Statement and the related prospectus and
        any
        amendments or supplements thereto. The undersigned understands that such
        information will be relied upon by the Company in connection with the
        preparation or amendment of the Registration Statement and the related
        prospectus.

      

       

      IN
        WITNESS WHEREOF the undersigned, by authority duly given, has caused this
        Notice
        and Questionnaire to be executed and delivered either in person or by its
        duly
        authorized agent.

       

       

      
        	Dated:
                ______________________	Beneficial Owner:
                __________________________________________
	 	By:
                _____________________________________________________
	 	Name:
	 	Title: 

      

         

      

      PLEASE
        FAX A COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN
        THE ORIGINAL BY OVERNIGHT MAIL, TO:

      

      
        
          
          

        

        
          24EXHIBIT
      4.5

     

    
      	
              NUMBER

               

              __________

            	
            	
              (SEE
                REVERSE
                SIDE FOR LEGEND)

              (THIS
                WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO 5:00 P.M. NEW YORK
                CITY
                TIME, __________, 2011

            	
            	
              WARRANTS

            
	 	 	 	 	 

    

    STONELEIGH
      PARTNERS ACQUISITION CORP.

    CUSIP____________
      

    CLASS
      W WARRANT

    

    THIS
      CERTIFIES THAT, for value received

    

    is
      the
      registered holder of a Warrant or Warrants expiring ________, 2011 (the
“Warrant”) to purchase one fully paid and non-assessable share of Common Stock,
      par value $.0001 per share (“Shares”), of Stoneleigh Partners Acquisition Corp.,
      a Delaware corporation (the “Company”), for each Warrant evidenced by this
      Warrant Certificate. The Warrant entitles the holder thereof to purchase from
      the Company, commencing on the later of the consummation
      by the Company of a merger, capital stock exchange, asset acquisition or other
      similar business combination and _________, 2007,
      such number of Shares of the Company at the price of $5.00 per share (subject
      to
      adjustment), upon surrender of this Warrant Certificate and payment of the
      Warrant Price at the office or agency of the Warrant Agent, Continental Stock
      Transfer & Trust Company (such payment to be made by check made payable to
      the Warrant Agent), but only subject to the conditions set forth herein and
      in
      the Warrant Agreement between the Company and Continental Stock Transfer &
Trust Company. The Company shall not be obligated to deliver any securities
      pursuant to the exercise of a Warrant and shall have no obligation to settle
      a
      Warrant exercise unless a registration statement under the Securities Act of
      1933, as amended, (the “Act”) with respect to the Common Stock is effective,
      subject to the Company satisfying its obligations under Section 7.4 of the
      Warrant Agreement to use its best efforts. In the event that a registration
      statement with respect to the Common Stock underlying a Warrant is not effective
      under the Act, the holder of such Warrant shall not be entitled to exercise
      such
      Warrant and such Warrant may have no value and expire worthless. In no event
      will the Company be required to net cash settle the warrant exercise. The
      Warrant Agreement provides that upon the occurrence of certain events the
      Warrant Price and the number of Warrant Shares purchasable hereunder, set forth
      on the face hereof, may, subject to certain conditions, be adjusted. The term
      Warrant Price as used in this Warrant Certificate refers to the price per Share
      at which Shares may be purchased at the time the Warrant is
      exercised.

     

    No
      fraction of a Share will be issued upon any exercise of a Warrant. If the holder
      of a Warrant would be entitled to receive a fraction of a Share upon any
      exercise of a Warrant, the Company shall, upon such exercise, round up to the
      nearest whole number the number of Shares to be issued to such
      holder.

     

    Upon
      any exercise of the Warrant for less than the total number of full Shares
      provided for herein, there shall be issued to the registered holder hereof
      or
      his assignee a new Warrant Certificate covering the number of Shares for which
      the Warrant has not been exercised.

     

    Warrant
      Certificates, when surrendered at the office or agency of the Warrant Agent
      by
      the registered holder hereof in person or by 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 and evidencing in
      the
      aggregate a like number of Warrants.

     

    Upon
      due presentment for registration of transfer of the Warrant Certificate at
      the
      office or agency 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 in exchange for this Warrant
      Certificate, subject to the limitations provided in the Warrant Agreement,
      without charge except for any applicable tax or other governmental
      charge.

     

    The
      Company and the Warrant Agent may deem and treat the registered holder as the
      absolute owner 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 registered holder, and for all
      other
      purposes, and neither the Company nor the Warrant Agent shall be affected by
      any
      notice to the contrary.

     

    This
      Warrant does not entitle the registered holder to any of the rights of a
      stockholder of the Company.

     

    The
      Company reserves the right to call the Warrant, in whole or in part, at any
      time
      prior to its exercise, with the consent of HCFP/Brenner Securities LLC, with
      a
      notice of call in writing to the holders of record of the Warrant, giving 30
      days’ notice of such call at any time after the Warrant becomes exercisable if
      the last sale price of the Shares has been at least $7.50 per share (subject
      to
      adjustment) on any 20 trading days within any 30 trading day period ending
      on
      the third business day prior to the date on which notice of such call is given.
      The call price of the Warrants is to be $.05 per Warrant. Any Warrant either
      not
      exercised or tendered back to the Company by the end of the date specified
      in
      the notice of call shall be canceled on the books of the Company and have no
      further value except for the $.05 call price.

    

    
      	
              By:

            	 	
              By:

            
	
            	 	
            
	
            	 	
            
	
              __________________________________________

            	 	
              ___________________________________________________

            
	
              Assistant
                Secretary

            	 	
              President

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SUBSCRIPTION
      FORM

    To
      Be Executed by the Registered Holder in Order to Exercise Warrants

    

    The
      undersigned Registered Holder irrevocably elects to exercise
      ______________ Warrants represented by this Warrant Certificate, and to
      purchase the shares of Common Stock issuable upon the exercise of such Warrants,
      and requests that Certificates for such shares shall be issued in the name
      of

     

    

    
      	          
               
	
              (PLEASE
                TYPE OR PRINT NAME AND ADDRESS)

            
	         

	    

	           
              

    

    (SOCIAL
      SECURITY OR TAX IDENTIFICATION NUMBER)

     

    and
      be delivered
      to_________________________________________________________________________________________________________________

    (PLEASE
      PRINT OR TYPE NAME AND ADDRESS)

    

    and,
      if such number of Warrants shall not be all the Warrants evidenced by this
      Warrant Certificate, that a new Warrant Certificate for the balance of such
      Warrants be registered in the name of, and delivered to, the Registered Holder
      at the address stated below:

    

    Dated:
      _____________________

    ___________________________________________

    (SIGNATURE)

    ___________________________________________

    (ADDRESS)

    ___________________________________________

     

    ___________________________________________

    (TAX
      IDENTIFICATION NUMBER)

    

    ASSIGNMENT

    To
      Be Executed by the Registered Holder in Order to Assign Warrants

    

    For
      Value Received, _______________________ hereby sell, assign, and transfer unto
      

     

    

    
      	      
 
	
              (PLEASE
                TYPE OR PRINT NAME AND ADDRESS)

            
	     

	     

    

    (SOCIAL
      SECURITY OR TAX IDENTIFICATION NUMBER)

     

    and
      be delivered
      to_________________________________________________________________________________________________________________

    (PLEASE
      PRINT OR TYPE NAME AND ADDRESS)

    

    ______________________
      of the Warrants represented by this Warrant Certificate, and hereby irrevocably
      constitute and appoint _________________________________ Attorney to transfer
      this Warrant Certificate on the books of the Company, with full power of
      substitution in the premises.

    

    Dated:
      _________________________

    _________________________________

    (SIGNATURE)

    

    The
      signature to the assignment of the Subscription Form must correspond to the
      name
      written upon the face of this Warrant Certificate in every particular, without
      alteration or enlargement or any change whatsoever, and must be guaranteed
      by a
      commercial bank or trust company or a member firm of the American Stock
      Exchange, New York Stock Exchange, Pacific Stock Exchange or Chicago Stock
      Exchange.

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