Document:

EXHIBIT 4.2 

 

	
            NUMBER 
	    
	 
		
      SHARES 
	    

C-__________

CHURCHILL VENTURES LTD. 

INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE 

COMMON STOCK 

	 	SEE 

      REVERSE 

      FOR 

      CERTAIN 

      DEFINITIONS

      

      CUSIP

THIS CERTIFIES THAT ------------------------------------------------------
 is the owner of ---------------------------------------------------------

FULLY PAID AND NON-ASSESSABLE SHARES OF THE PAR VALUE OF $0.001 EACH OF 

THE COMMON STOCK OF 

CHURCHILL VENTURES LTD. 

transferable on the books of the corporation in person or by duly authorized attorney upon surrender of this certificate properly endorsed. 

 This certificate is not valid unless countersigned by the transfer agent and registered by the Registrar.

 Witness the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers. 

Dated: 

	 

		
CHURCHILL VENTURES LTD. 
	
	 

		
CORPORATE 
		 

	
	 

		
DELAWARE 
		 

	
	
--------------------------- 
		
SEAL 
		
--------------------------------- 
	
	
Chief Executive Officer 
		
2006 
		
Secretary 
	

CHURCHILL VENTURES LTD. 

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

     The holder of this certificate shall be entitled to receive funds from the Corporation’s trust fund only in the event of liquidation of the Corporation upon failure to consummate a business
combination or if the holder seeks to convert respective shares into cash upon a business combination which he voted against and which is actually completed by the Corporation. Except as required by applicable law in no other circumstances shall the
holder have any right or interest of any kind in or to the trust fund. 

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

	
TEN COM 
		
- 
		 
		
as tenants in common  
		UNIF GIFT MIN ACT
    
	
- 
		 
		 

		
	   Custodian 
    	
     

	
TEN ENT 
		
- 
		 
		
as tenants by the entireties 
		 
		 

		 
		
(Cust) 
		 
		
      
        (Minor) 
	    
	
JT TEN 
		
- 
		 
		
as joint tenants with 
		 
		 

		 
		
under Uniform Gifts to 
	
	 

		 

		 
		
right of survivorship and 
		 
		 

		 
		
Minors Act 
		 

	 

		 

		 
		
not as tenants in common 
		 
		 

		 
		 

		
      
        (State) 
	    

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

For value received __ hereby sells, assigns and transfers unto

	
PLEASE INSERT
	
	
SOCIAL SECURITY OR 
	
	
OTHER IDENTIFYING 
	
	
NUMBER OF
	
	
ASSIGNEE
	
	
       

	

 

(Please print or typewrite name and address including postal zip code of Assignee) 

 

 

 

SHARES OF THE CAPITAL STOCK REPRESENTED
    BY THE WITHIN CERTIFICATE, AND DO HEREBY IRREVOCABLY CONSTITUTE AND APPOINT
    ____________________ ATTORNEY TO TRANSFER THE SAID STOCK ON THE 

BOOKS OF THE WITHIN NAMED CORPORATION WITH FULL POWER OF SUBSTITUTION IN THE PREMISES. 

Dated:___________________

	 	_____________________________________________ 

      NOTICE: The signature to this assignment must correspond

      with the name as written upon the face of the certificate
      in every 

      particular, without alteration or enlargement or any
    change whatever. 

Signature(s) Guaranteed: 

____________________________________________________________ 

    THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE 

    GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS

    AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP 

    IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM,

    PURSUANT TO S.E.C. RULE 17Ad-15).EXHIBIT 4.3 

               THIS
  WARRANT CERTIFICATE (I) CANNOT BE TRANSFERRED OR EXCHANGED UNTIL THE EARLIER
  TO OCCUR OF THE EXPIRATION OF THE UNDERWRITER’S
  OPTION TO PURCHASE UP TO ____________ ADDITIONAL UNITS TO
  COVER OVER-ALLOTMENTS OR THE EXERCISE IN FULL BY THE UNDERWRITER OF SUCH OPTION
  (THE “DETACHMENT DATE”)
  UNLESS INCLUDED WITH A SHARE OF COMMON STOCK OF ___________________ AS PART OF
  A UNIT AND (II) CANNOT BE EXERCISED IN WHOLE OR IN PART UNTIL THE LATER OF THE
  COMPANY’S COMPLETION OF A BUSINESS COMBINATION AND [___________], 2007. 

EXERCISABLE ONLY IF COUNTERSIGNED BY THE WARRANT 

AGENT AS PROVIDED HEREIN. 

  Warrant Certificate evidencing 

  Warrants to Purchase Common Stock, par value $.0001,
  as described herein. 

  CHURCHILL 

	 	 	 
	
No. ___________  
		 
		
CUSIP No. 
	
	
[________] 
		 
		 

	

  

  VOID AFTER 5:00 P.M., NEW YORK CITY TIME, ON [_________],
  2010, 

  OR UPON EARLIER REDEMPTION 

               This
    certifies that ________________________, or its registered assigns, is the
    registered holder of _____________________ warrants to purchase certain securities
    (each a “Warrant”).
  Each Warrant entitles the holder thereof, subject to the provisions contained
  herein and in the Warrant Agreement (as defined below), to purchase from Churchill
  Ventures Ltd., a Delaware corporation (the “Company”),
  one share of the Company’s Common Stock (each a “Share”), at the Exercise Price set forth below. The exercise price
  of each Warrant (the “Exercise Price”)
  shall be $_____ initially, subject to adjustments as set forth in the Warrant
  Agreement. 

                Subject
    to the terms of the Warrant Agreement, each Warrant evidenced hereby may
    be exercised in whole, but not in part, at any time, as specified herein,
    on any Business Day (as defined below) occurring during the period (the “Exercise
    Period”) commencing on the later of the
    Company’s completion of a Business Combination (as defined below) and
    [_________], 2007 and ending at 5:00 P.M., New York City time, on the earlier
    to occur of [___________], 2010 or the Redemption Date (the “Expiration
  Date”) . Each Warrant remaining unexercised
  after 5:00 P.M., New York City time on the Expiration Date shall become void,
  and all rights of the holder of this Warrant Certificate evidencing such Warrant
  shall cease. 

                The
    holder of the Warrants represented by this Warrant Certificate may exercise
    any Warrant evidenced hereby by delivering, not later than 5:00 P.M., New
    York City time, on any Business Day during the Exercise Period (the “Exercise
    Date”) to Continental Stock 

Transfer & Trust Company (the “Warrant Agent”, which term includes any successor warrant agent under the Warrant Agreement described below) at its corporate
trust department at 17 Battery Place, New York, NY 10004, (i) this Warrant Certificate, (ii) an election to purchase (“Election to Purchase”),
properly executed by the holder hereof on the reverse of this Warrant Certificate
(te “Participant”) substantially in
the form included on the reverse of hereof, as applicable and (iii) the Exercise
Price for each Warrant to be exercised in lawful money of the United States of
America by certified or official bank check or by bank wire transfer in immediately
available funds; provided, however,
that the holder of this Warrant Certificate may, in lieu of payment of the Exercise
Price, surrender its Warrants for that number of shares of Common Stock equal
to the quotient obtained by dividing (x) the product of the number of shares
of Common Stock underlying the surrendered Warrants, multiplied by the difference
between the Fair Market Value (defined below) and the Exercise Price by (y) the
Fair Market Value. The “Fair Market Value” shall
mean the average reported last sale price of the Common Stock for the 10 trading
days ending on the 3rd trading day prior to the date on which the Election to
Purchase is received by the Warrant Agent. If any of (a) this Warrant Certificate,
(b) the Election to Purchase, or (c) the Exercise Price therefor or surrendered Warrants, is received by the Warrant Agent after 5:00 P.M., New York City time, the Warrants will be deemed to
be received and exercised on the Business Day next succeeding the date such items are received and such date shall be the Exercise Date for purposes hereof. If the date such items are received is not a Business Day, the Warrants will be deemed to be
received and exercised on the next succeeding day which is a Business Day and such date shall be the Exercise Date. If the Warrants to be exercised are received or deemed to be received after the Expiration Date, the exercise thereof will be null
and void and any funds delivered to the Warrant Agent will be returned to the holder as soon as practicable. In no event will interest accrue on funds deposited with the Warrant Agent in respect of an exercise or attempted exercise of Warrants. The
validity of any exercise of Warrants will be determined by the Warrant Agent in its sole discretion and such determination will be final and binding upon the holder of the Warrants and the Company. Neither the Warrant Agent nor the Company shall
have any obligation to inform a holder of Warrants of the invalidity of any exercise of Warrants. 

               As used herein, the term “Business Day” means any day that is not a Saturday or Sunday and is not a United States federal holiday
or a day on which banking institutions generally are authorized or obligated by law or regulation to close in New York City. 

               As used herein, the term “Business Combination” shall mean an acquisition by the Corporation of one or more assets or operating
businesses in the telecommunications and media industries (collectively, the “Target Business”), through a merger, capital stock exchange, asset or stock acquisition or other
similar business combination having collectively, a fair market value (as calculated in accordance with the requirements set forth below) of at least 80% of the Corporation's net assets (excluding the IPO underwriter's deferred discount) at the time
of such acquisition 

 Warrants may be exercised only in whole numbers of Warrants. No fractional shares of Common Stock are to be issued upon the exercise of any Warrant.  If, upon exercise of the Warrants, a
Registered Holder would be entitled to receive a fractional interest in a share of Common Stock, the Company will elect, upon exercise, to either (i) round up to the nearest whole number the number of shares of Common Stock to be issued to the
Registered Holder or

(ii) pay out the fractional interest in cash. If fewer than all of the Warrants evidenced by this Warrant Certificate are exercised, a new Warrant Certificate for the number of Warrants remaining unexercised shall be executed by
the Company and countersigned by the Warrant Agent as provided in Section 2 of the Warrant Agreement, and delivered to the holder of this Warrant Certificate at the address specified on the books of the Warrant Agent or as otherwise specified by
such Registered Holder. 

               Notwithstanding the foregoing, the Company shall not be obligated to deliver any Shares 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 “Securities Act”), with respect to the Shares is effective and a current prospectus is on file with the
Commission. In the event that a registration statement with respect to the Shares underlying a Warrant is not effective under the Securities Act or a current prospectus is not on file with the Commission, the holder of such Warrant shall not be
entitled to exercise such Warrant. Notwithstanding anything to the contrary in the Warrant Agreement (as defined below) and this Warrant Certificate, under no circumstances will the Company be required to net cash settle a Warrant exercise. Warrants
may not be exercised by, or Shares issued to, any registered holder in any state in which such exercise or issuance would be unlawful. For the avoidance of doubt, as a result of Section 3.3.3 of the Warrant Agreement and the foregoing, any or all of
the Warrants may expire unexercised. 

               This
Warrant Certificate is issued under and in accordance with the Warrant Agreement,
dated as of [________], 2006 (the “Warrant
Agreement”), between the Company and the Warrant Agent and is subject
to the terms and provisions contained in the Warrant Agreement, to all of which
terms and provisions the holder of this Warrant Certificate and the beneficial
owners of  the Warrants represented by this Warrant Certificate consent by acceptance
hereof. Copies of the Warrant Agreement are on file and can be inspected at the
above-mentioned office of the Warrant Agent and at the office of the Company
at
__________________. 

               At any time during the Exercise Period, the Company may, at its option, redeem all (but not part) of the then outstanding Warrants upon giving notice in accordance with the terms of the Warrant
Agreement (the “Redemption Notice”), at the price of $0.01 per Warrant (the “Redemption Price”);
provided, that the last sales price of the Shares has been at least $11.50 per Share (subject to adjustment as provided in the Warrant Agreement), on any twenty (20) trading days within
a thirty (30) trading day period ending on the third Business Day prior to the date on which the Redemption Notice is given. In the event the Company shall elect to redeem all of the then outstanding Warrants, the Company shall fix a date for such
redemption (the “Redemption Date”); provided, that such date shall occur prior to the expiration of the Exercise Period.
The Warrants may be exercised in accordance with the terms of this Agreement at any time after a Redemption Notice shall have been given by the Company; provided, however, that no Warrants may be exercised subsequent to the expiration of the Exercise Period; provided, further, that all rights whatsoever with respect to the Warrants shall cease on the Redemption Date, other than to the right to receive the Redemption Price. 

               The accrual of dividends, if any, on the Shares issued upon the valid exercise of any Warrant will be governed by the terms generally applicable to such Shares. From and after

the issuance of such Shares, the former holder of the Warrants exercised will be entitled to the benefits generally available to other holders of Shares and such former holder’s right to receive payments of dividends and any
other amounts payable in respect of the Shares shall be governed by, and shall be subject to, the terms and provisions generally applicable to such Shares. 

               The Exercise Price and the number of Shares purchasable upon the exercise of each Warrant shall be subject to adjustment as provided pursuant to Section 4 of the Warrant Agreement. 

               Prior to the Detachment Date, the Warrants represented by this Warrant Certificate may be exchanged or transferred only together with the Shares to which such Warrant is attached (together, a
“Unit”), and only for the purpose of effecting, or in conjunction with, an exchange or transfer of such Unit. Additionally, prior to the Detachment Date, each transfer of such Unit
on the register of the Units shall operate also to transfer the Warrants included in such Units. From and after the Detachment Date, the above provisions shall be of no further force and effect. Upon due presentment for registration of transfer or
exchange of this Warrant Certificate at the stock transfer division of the Warrant Agent, the Company shall execute, and the Warrant Agent shall countersign and deliver, as provided in Section 5 of the Warrant Agreement, in the name of the
designated transferee one or more new Warrant Certificates of any authorized denomination evidencing in the aggregate a like number of unexercised Warrants, subject to the limitations provided in the Warrant Agreement. 

               Neither this Warrant Certificate nor the Warrants evidenced hereby shall entitle the holder hereof or thereof to any of the rights of a holder of the Shares, including, without limitation, the right
to receive dividends, if any, or payments upon the liquidation, dissolution or winding up of the Company or to exercise voting rights, if any. 

               The Warrant Agreement and this Warrant Certificate may be amended as provided in the Warrant Agreement including, under certain circumstances described therein, without the consent of the holder of
this Warrant Certificate or the Warrants evidenced hereby. 

               THIS WARRANT CERTIFICATE AND ALL RIGHTS HEREUNDER AND UNDER THE WARRANT AGREEMENT SHALL BE GOVERNED BY AND INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE
TO CONTRACTS FORMED AND TO BE PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF TO THE EXTENT SUCH PRINCIPLES OR RULES WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION. 

               This Warrant Certificate shall not be entitled to any benefit under the Warrant Agreement or be valid or obligatory for any purpose, and no Warrant evidenced hereby may be exercised, unless this
Warrant Certificate has been countersigned by the manual signature of the Warrant Agent. 

               IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated as of __________, 2006 

	 	
Churchill Ventures Ltd. 	
	 	 	 

	
	 	 	 

	
	 	By:  	 

	 	 	
           Authorized Officer 
      

    Continental Stock Transfer & Trust Company, 

     as Warrant Agent 

	
      By:   
      
	 

		 
	 

		
           Authorized Officer 
      
	 

[REVERSE] 

Instructions for Exercise of Warrant 

               To exercise the Warrants evidenced hereby, the holder or Participant must, by 5:00 P.M., New York City time, on the specified Exercise Date, deliver to the Warrant Agent at its stock transfer
division, cash, a certified or official bank check or a wire transfer in immediately available funds, in each case payable to the Warrant Agent at Account No. ____, in an amount equal to the Exercise Price in full for the Warrants
exercised[; provided, however, that the holder of this Warrant
Certificate may, in lieu of payment of the Exercise Price for the Warrants, surrender its Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock
underlying the surrendered Warrants, multiplied by the difference between the Fair Market Value and the Exercise Price by (y) the Fair Market Value]1. In addition, the Warrant holder or Participant must provide the information required below and deliver this Warrant Certificate to the Warrant Agent at the address set forth below. The Warrant Certificate and this Election to Purchase
must be received by the Warrant Agent by 5:00 P.M., New York time, on the specified Exercise Date. 

  ELECTION TO PURCHASE 

  TO BE EXECUTED IF WARRANT HOLDER DESIRES 

  TO EXERCISE THE WARRANTS EVIDENCED HEREBY 

               The
undersigned hereby irrevocably elects to exercise, on __________, ____ (the “Exercise
Date”), _____________ Warrants, evidenced
by this Warrant Certificate, to purchase, _________________ of the shares of
Common Stock (each a “Share”)
of ______________, a Delaware
corporation (the “Company”),
and represents that, on or before the Exercise Date, such holder has tendered
payment for such Shares by certified or official bank check or bank wire  transfer
in immediately available funds to the order of the Company c/o Continental Stock
Transfer & Trust Company, 17 Battery Place, New York, New York 10004, in
the amount of $_____________ in accordance with the terms
hereof[ or, at the
election of the holder, the holder (in lieu of payment of the Exercise Price
for the Warrants) has surrendered Warrants for that number of shares of Common
Stock equal to  the quotient obtained by dividing (x) the product of the number
of shares of Common Stock underlying the surrendered Warrants, multiplied by
the difference between the Fair Market Value and the Exercise Price by (y) the
Fair Market Value in  accordance with the terms hereof]2.
The undersigned requests that said number of Shares be in fully registered form,
registered in such names and  delivered, all as specified in accordance with
the instructions set forth below. 

               If said number of Shares is less than all of the Shares purchasable hereunder, the undersigned requests that a new Warrant Certificate evidencing the remaining balance of the Warrants evidenced hereby
be issued and delivered to the holder of the Warrant Certificate unless otherwise specified in the instructions below. 

1 To be included only in Warrant Certificates representing Warrants issued in the private placement. 

2 To be included only in Warrant Certificates representing Warrants issued in the private placement. 

Dated: ______________ __, ____ 

	 	 	 
	
Name _____________________________ 		 
		
(Please Print) 
	
	 

	
	
/ / / / - / / /- / / / / /
___________________ 		 
		 

	
	
(Insert Social Security 
		 
		 

	
	
or Other Identifying 
		 
		 

	
	
Number of Holder) 
		 
		
Address _______________________ 	
	
		
		 

	
			                    _________________

Signature _____________________

               This Warrant may only be exercised by presentation to the Warrant Agent at one of the following locations: 

               By hand at: 

               By mail at: 

               The method of delivery of this Warrant Certificate is at the option and risk of the exercising holder and the delivery of this Warrant Certificate will be deemed to be made only when actually
received by the Warrant Agent. If delivery is by mail, registered mail with return receipt requested, properly insured, is recommended. In all cases, sufficient time should be allowed to assure timely delivery. 

(Instructions as to form and delivery of Shares and/or Warrant Certificates) 

	
Name in which Shares 
		 
		 

	
	
are to be registered if other than 
		 
		 

	
	
in the name of the registered holder 
		 
		 

	
	
of this Warrant Certificate: 
		 
		________________________

	
	     

	
	
Address to which Shares 
		 
		 

	
	
are to be mailed if other than to the 
		 
		 

	
	
address of the registered holder of 
		 
		 

	
	
this Warrant Certificate as shown on 
		 
		 

	
	
the books of the Warrant Agent: 
		 
		________________________

	
	     

		 	 (Street Address)  
	 

		 
		 
	
		
		
________________________

	
	 

		 
		
(City and State) (Zip Code) 
	

	Name in which Warrant Certificate 	 	 
	evidencing unexercised Warrants, if any, 	 	 
	
are to be registered if other than in the 
		 
		 

	
	
name of the registered holder of this 
		 
		 

	
	
Warrant Certificate: 
		 
		________________________

	
	     

	
	
Address to which certificate representing 
		 
		 

	
	
unexercised Warrants, if any, are to be 
		 
		 

	
	
mailed if other than to the address of 
		 
		 

	
	
the registered holder of this Warrant 
		 
		 

	
	
Certificate as shown on the books of 
		 
		 

	
	
the Warrant Agent: 
		 
		________________________

	
	
		
		

      (Street Address) 	
	     

	
	
		
		________________________

	
	 

		 
		
(City and State) (Zip Code) 
	
	     

	
	 	 	 Dated: 

	 

	
	 
	 	 	________________________ 
	 

		 
		
Signature 
	
	 

	
	 

		 
		
Signature must conform in all respects to the name of the holder 
	
	 

		 
		
as specified on the face of this Warrant Certificate. If Shares, or 
	
	 

		 
		
a Warrant Certificate evidencing unexercised Warrants, are to 
	
	 

		 
		
be issued in a name other than that of the registered holder 
	
	 

		 
		
hereof or are to be delivered to an address other than the address 
	
	 

		 
		
of such holder as shown on the books of the Warrant Agent, the 
	
	 

		 
		
above signature must be guaranteed by an Eligible Guarantor 
	
	 

		 
		
Institution (as that term is defined in Rule 17Ad-15 of the 
	
	 

		 
		
Securities Exchange Act of 1934, as amended). 
	

SIGNATURE GUARANTEE 

Name of Firm ____________________________

Address ________________________________
 Area Code 

  and Number ____________________________
 Authorized 

  Signature ______________________________

Name __________________________________

Title ___________________________________

Dated: __________________________, 20___ 

  ASSIGNMENT

(FORM OF ASSIGNMENT TO BE EXECUTED IF WARRANT HOLDER 

DESIRES TO TRANSFER WARRANTS EVIDENCED HEREBY) 

               FOR
VALUE RECEIVED, _________________ HEREBY SELL(S), ASSIGN(S) AND TRANSFER(S) UNTO
________________________________________________________

	 
	 	 

	
      (Please print name and address 
      
	 
		
(Please insert social security or 
	
	
      including zip code of assignee) 
      
	 
		
other identifying number of assignee) 
	

  the rights represented by the within Warrant Certificate and
    does hereby irrevocably constitute and appoint _____________ Attorney to transfer
    said Warrant Certificate on the books of the Warrant Agent with full power of
    substitution in the premises.

Dated: 

	 	 

	 	
                        Signature 
	
	 	
(Signature must conform in all respects to the name of the holder as 
	
	 	
specified on the face of this Warrant Certificate and must bear a signature 
	
	 	
guarantee by an Eligible Guarantor Institution (as that term is defined in 
	
	 	
Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended). 
	

SIGNATURE GUARANTEE 

Name of Firm ____________________________

Address ________________________________
 Area Code 

  and Number ____________________________
 Authorized 

  Signature ______________________________

Name __________________________________

Title ___________________________________

Dated: __________________________, 20___

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