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Exhibit 4.5    
    

TELEWEST COMMUNICATIONS PLC  

 TELEWEST FINANCE (JERSEY) LIMITED  

 IDT CORPORATION  

 VOTING AGREEMENT  

        This Agreement (as the same may be amended, modified or supplemented from time to time in accordance with the terms hereof, this "Agreement") is entered into by
(i) Telewest Communications plc ("Telewest" or the "Company"), (ii) Telewest Finance (Jersey) Limited ("Telewest Jersey") and (iii) IDT Corporation on behalf of itself and each of
its subsidiaries (as defined in section 736 of the Companies Act 1985, as amended (the "1985 Act")) ("IDT"). IDT shall procure that the registered owners of certain shares in the Company vote
in connection with a proposed financial restructuring of the Company and Telewest Jersey, the principal terms of which are described in Appendix 1 attached hereto (the "Financial
Restructuring"). 

        This
Agreement is also entered into pursuant to the term sheet dated 14 August 2003 (the "Term Sheet") entered into by the Company, Telewest Jersey, various holders of certain
high yield notes issued by the Company and Telewest Jersey (the "Notes"), Liberty Media Corporation ("Liberty") and IDT relating to the Financial Restructuring. 

        The
Financial Restructuring is to be implemented through (i) the completion of the proceedings and actions referred to in this Agreement and any proceeding or arrangement that the
Company, Telewest Jersey, each of the noteholders who are signatories to the Term Sheet (the "Specified Noteholder Group") and Liberty may agree in writing to be necessary under English, Jersey and
U.S. law (collectively, the "Proceedings"), which includes the following: a scheme of arrangement of the Company (the "Plc Scheme") under section 425 of the 1985 Act; a scheme of arrangement of
Telewest Jersey (the "Jersey Scheme") under section 425 of the 1985 Act and section 125 of the Companies (Jersey) Law 1991, as amended; a concurrent proceeding pursuant to chapter 11 of
the U.S. Bankruptcy Code (if necessary); and ancillary proceedings in respect of the Plc Scheme and/or the Jersey Scheme pursuant to Section 304 of the U.S. Bankruptcy Code (the
"Section 304 Proceedings"); and (ii) the following related steps: 

	(a)
	the
passing of the shareholder resolution of Telewest specified in Appendix 1 in order to implement the Financial Restructuring (the "Shareholder Resolution");

	(b)
	the
execution of a revised loan agreement (the "Revised Senior Secured Facility Agreement") between Telewest Communications Networks Limited ("TCN") and its lenders on substantially
the terms specified in Appendix 1;

	(c)
	the
transfer to a direct or indirect wholly-owned subsidiary of Telewest Global, Inc., a company incorporated under the laws of Delaware, ("New Telewest"), of substantially all
the assets of Telewest (other than the shares of Telewest Jersey, the shares of New Telewest and a cash amount) and the assumption by such subsidiary of (and/or giving of an indemnity with respect to)
substantially all the liabilities of Telewest;

	(d)
	the
termination of the relationship agreement dated as of 3 March 2000, as amended by an amendment agreement dated as of 18 May 2001 between, inter alia, Telewest,
Microsoft Corporation and Liberty Media International, Inc. ("Liberty"); and

	(e)
	the
satisfaction (or waiver by the Company, Telewest Jersey, the Specified Noteholder Group or the Telewest Group's senior lenders (as the case may be)) of the conditions to the Plc
Scheme and the Jersey Scheme, 

(together
with the Proceedings, the "Restructuring Steps"). 

        Following
the Financial Restructuring there shall be a shareholders' voluntary liquidation of Telewest which shall commence on the passing of the shareholder resolutions specified in
Appendix 1 (the "Liquidation Resolutions"). 

 

        In
consideration of the promises and the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company, Telewest Jersey and IDT (collectively, the "Parties"), intending to be legally bound, agree as follows: 

	1.
	IDT Agreements.    IDT shall procure that the registered holders of certain shares specified on the signature page hereto (the
"Relevant Shares") exercise the votes attaining to those shares in accordance with the directions of IDT. IDT agrees and represents that, subject to the following Sections hereof and, in respect of
sub-sections (a) to (c) below, subject to receipt of legally sufficient documents in respect of the Plc Scheme and the Jersey Scheme and the terms of this Agreement
(including Appendix 1 and the surviving provisions of the Term Sheet) for the implementation of the Financial Restructuring:

	(a)
	it
shall vote, or procure that the relevant registered holders shall vote, in favour of the Shareholder Resolution and Liquidation Resolutions in relation to the holdings of shares
set out on the signature pages hereto and in relation to any other shares of the Company it, or any of its affiliates, may acquire;

	(b)
	it
will not vote (or cause to be voted) in favour of, or otherwise support, encourage or seek, directly or indirectly, (i) any commencement of or relief in an involuntary case
under any applicable insolvency or other similar law with respect to the Company, Telewest Jersey or TCN, or all or substantially all of the assets of any of them, (ii) the appointment of a
receiver, administrative receiver, administrator, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Company, Telewest Jersey or TCN, or all or substantially all of the
assets of any of them, (iii) any scheme of arrangement or plan of voluntary arrangement or any other plan of reorganization with respect to the Company, Telewest Jersey or TCN, or all or
substantially all of the assets of any of them; or (iv) any other compromise with the creditors of, or financial restructuring relating to, the Company, Telewest Jersey or TCN, or all or
substantially all of the assets of any of them; other than, in each case, the Financial Restructuring and the Proceedings;

	(c)
	it
will not sell, transfer or assign, and will not permit any member of the IDT Group to sell, transfer or assign any of the Relevant Shares or any voting interest therein during the
term of this Agreement except to a person who, prior to the settlement of such sale, transfer or assignment, enters into a written undertaking in favour of the Parties hereto to be bound by the
provisions hereof as if such person were IDT; and

	(d)
	it
will act in good faith to consummate the transactions set forth herein. 

2.     Telewest and Telewest Jersey Agreements

	(a)
	Financial
Restructuring: The Company and Telewest Jersey each undertake and shall cause the other companies in the Telewest Group to undertake, to take all acts reasonably necessary
to effect the Financial Restructuring as promptly as possible. Telewest hereby confirms that a majority of its directors will, subject to their fiduciary and any other duties imposed on them by law
and their responsibilities under the City Code on Takeovers and Mergers and the Listing Rules of the UK Listing Authority, recommend the Financial Restructuring to Telewest's shareholders and its
creditors.

	(b)
	Claims:
The Company confirms that neither it nor any other member of the Telewest Group currently has any claims, based on the facts known to it after diligent investigation, against
any holder of the Notes seeking a payment in respect of compensation or damages or the payment of any other amount.

	3.
	Termination of Agreement.    IDT's obligations hereunder (save for those arising under Section 4 hereof) shall
terminate upon the occurrence of any Agreement Termination Event, unless the occurrence of such Agreement Termination Event is waived in writing by IDT. 

2

 

For
the purposes hereof an "Agreement Termination Event" shall mean any of the following: 

	(a)
	the
draft explanatory statement in respect of the Plc Scheme and the Jersey Scheme shall not have been made publicly available to Plc scheme creditors and Jersey scheme creditors on
or before 15 January, 2004; or

	(b)
	the
date on which the order of the High Court which sanctions the Plc Scheme (the "UK Order") is delivered to the Registrar of Companies for registration, and the date on which the
orders of the High Court and the Jersey Court which sanction the Jersey Scheme (the "Jersey Orders") are delivered to the Registrar of Companies and the Jersey Registrar of Companies, as appropriate,
for registration, (the "Effective Date") shall not have occurred by the later of 31 March, 2004 or 60 days after the date of any vote by creditors to approve the Plc Scheme and the Jersey
Scheme, subject to such vote occurring on or before 15 March, 2004; or

	(c)
	the
Company, or any administrator appointed in respect of the Company, or Telewest Jersey withdraws the Plc Scheme or the Jersey Scheme or such person failing to confirm to IDT within
48 hours of a request from IDT that it is that person's intention to continue with and recommend the Financial Restructuring in all material respects as set out in Appendix 1; or

	(d)
	a
failure to obtain any order of a court in England and Wales or Jersey, when applied for, or a requisite majority of shareholders to pass the Shareholder Resolution or creditors to
approve the Plc Scheme or the Jersey Scheme, when sought, or each of the UK Order and the Jersey Orders not having been obtained, such Shareholder Resolution not having been passed and such approval
not having been given on or before the later of 31 March, 2004 or 60 days after the date of any vote by creditors to approve the Plc Scheme and the Jersey Scheme, subject to such vote occurring
on or before 15 March, 2004 (as appropriate); or

	(e)
	the
making of a permanent order of any court or governmental body of competent jurisdiction restraining, enjoining or otherwise preventing the consummation of the Financial
Restructuring; or

	(f)
	a
material adverse change to the Company's business plan or a material adverse change to the assets, liabilities, business or prospects of the Company or its subsidiaries; or

	(g)
	a
material change to the Plc Scheme, the Jersey Scheme or the Revised Senior Secured Facility Agreement after the date of this Agreement. 

In
addition to the foregoing: 

	(x)
	the
termination by a noteholder, IDT or Liberty of its obligations under its voting agreement pursuant to Section 3 thereof shall give each noteholder, IDT and
Liberty (except any of them that has already terminated its obligations under its voting agreement pursuant to Section 3 thereof) the right to elect to terminate its obligations under its
voting agreement, except where the termination of a noteholder's obligations under its voting agreement is pursuant to section 3(f) of that noteholder's voting agreement; and

	(y)
	the
material change by a noteholder, IDT or Liberty of its voting agreement shall give each noteholder, IDT and Liberty (except any of them that has materially changed its voting
agreement) the right to elect to terminate its obligations under its voting agreement. 

Telewest
undertakes to notify IDT immediately of any such termination or change as is mentioned in paragraphs (x) and (y) above. 

	4.
	Term Sheet.    It is agreed that the Term Sheet shall no longer be effective after the execution and delivery of Voting
Agreements by each party to the Term Sheet except that the following sections shall continue in full force and effect:

	(a)
	"Management
and Management Compensation";

	(b)
	"Due
Diligence"; 

3

 

	(c)
	"Governing
Law";

	(d)
	the
second, third and fourth sentences of paragraph (5) of "Conditions to Closing of the Transaction";

	(e)
	"Fees
and Expenses" in so far as it affects parties other than Liberty;

	(f)
	"Publicity";
and 

each
party to the Term Sheet shall have the full benefit of, and be entitled to rely in any way upon, these sections of the Term Sheet. 

	5.
	Amendments.    This Agreement may not be modified, amended or supplemented except in writing signed by each of the Parties.

	6.
	Governing Law and Jurisdiction.    This Agreement shall be governed by, and construed in accordance with, the laws of New
York.

	7.
	Third Party Beneficiaries.    With the exception of Section 4, this Agreement is only for the benefit of the
undersigned parties and nothing herein, expressed or implied, is intended or shall be construed to confer upon any person or entity other than such undersigned parties, any rights or remedies under or
by reason of, and no person or entity other than such undersigned parties, is entitled to rely in any way upon, this Agreement (excluding Section 4).

	8.
	Specific Performance.    It is understood and agreed by the Parties that money damages would not be a sufficient remedy for
any breach of this Agreement by any Party and each non-breaching Party shall be entitled to specific performance, an injunction or other equitable relief as a remedy of any such breach.

	9.
	Fees and Expenses.    If any Party brings an action against any other Party based upon a breach by the other Party of its
obligations under this Agreement, the prevailing Party shall be entitled to all reasonable expenses incurred, including reasonable legal and financial advisers' fees.

	10.
	Headings.    The headings of the Sections, paragraphs and subsections of this Agreement are inserted for convenience only and
shall not affect the interpretation hereof.

	11.
	Successors.    This Agreement is intended to bind and inure to the benefit of the Parties and their respective successors,
heirs, executors, administrators and representatives.

	12.
	Prior Negotiations.    This Agreement and Appendix 1 supersede, except to the extent specified in Section 4
above, all prior negotiations and agreements with respect to the subject matter hereof.

	13.
	Counterparts.    This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and
all of which shall constitute one and the same agreement.

	13.
	Notices.    Any notice or other communication to be given under this Agreement shall be in writing and shall be delivered by
hand, sent by prepaid first class recorded delivery (or registered airmail in the case of an address outside the United Kingdom) or an internationally recognized courier service and shall in each case
be addressed to the party to be served at its registered or principal office (marked for the attention of the General Counsel/Head of Legal) or by fax. Notices sent prepaid by first class recorded
delivery or an internationally recognized courier service shall be deemed to be received on the second day following posting and those sent by registered airmail (in the case of an address outside the
United Kingdom) shall be deemed to be received on the fifth day following posting and those served by fax shall be deemed to be received 12 hours after transmission. 

4

   
        IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed as of the date set forth below. 

Dated:                           2003

	 	 	TELEWEST COMMUNICATIONS PLC
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:
	

 	
 	
TELEWEST FINANCE (JERSEY) LIMITED
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:
	

 	
 	
IDT CORPORATION
	

 	
 	

By:	

 
	 	 	 	
 Name: Ira A. Greenstein

Title: President

        Shares
over which IDT shall cause the legal entities listed below to exercise the votes attaining to such shares in accordance with IDT's directions: 

	Registered Holder
 
	 	Ordinary

Shares
	 	Limited Voting

Shares
	 	Total
	 	% of issued

share capital
	 
	IDT Venture Capital, Inc.	 	 	 	60,322,654	 	60,322,654	 	 	 
	NY Nominees	 	636,056,024	 	—	 	636,056,024	 	 	 
	 	 	
	 	
	 	
	 	
	 
	Total IDT Holdings	 	636,056,024	 	60,322,654	 	696,378,678	 	24	%

5

 
 Appendix 1  

 Principal terms of Financial Restructuring  

	Telewest Liabilities:	 	All liabilities of the Company at the Effective Date arising directly, or indirectly, in relation to, or arising out of or in connection with:
	

 	
 	

(a)	
 	

the Notes;
	

 	
 	

(b)	
 	

the Indentures;
	

 	
 	

(c)	
 	

the Accreting Convertible Notes due 2003 originally issued to Deutsche Telekom (the "Accreting Notes");
	

 	
 	

(d)	
 	

the Company's guarantee of the 6% Senior Convertible Notes due 2005 issued by Telewest Jersey (the "Jersey Notes") (the "Jersey Guarantee Liability"); and
	

 	
 	

(e)	
 	

inter-company debt balances owed by the Company to Telewest Jersey in relation to the on-loan of the proceeds of issue of the Jersey Notes (the "Intercompany Debt"),
	

 	
 	

including any liability of the Company in respect of loss or damage suffered or incurred as a result of, or in connection with, such liability (the "Telewest Liabilities"), will be cancelled and exchanged for an entitlement to receive new shares
("New Shares") in the capital of New Telewest or, in certain circumstances, the proceeds of sale of such New Shares.
	

 	
 	

No other liabilities of the Company will be compromised as part of the Plc Scheme.
	

Jersey Liabilities:	
 	

All liabilities of Telewest Jersey arising directly, or indirectly, in relation to, or arising out of or in connection with:
	

 	
 	

(a)	
 	

the Jersey Notes;
	

 	
 	

(b)	
 	

the Jersey Guarantee Liability; and
	

 	
 	

(c)	
 	

the Intercompany Debt,
	

 	
 	

including any liability of Telewest Jersey in respect of loss or damage suffered or incurred as a result of, or in connection with, such liability (the "Jersey Liabilities") will be cancelled and exchanged for an entitlement to receive the New Shares
to which Telewest Jersey will become entitled to receive under the Plc Scheme.
	

 	
 	

No other liabilities of Telewest Jersey will be compromised as part of the Jersey Scheme.
	

Principal amounts:	
 	

The principal amounts (the "Principal Amounts") as at the record date for the Plc Scheme and the Jersey Scheme (the "Record Date") will be:
	

 	
 	

(a)	
 	

in respect of the Notes and the Accreting Notes, the aggregate of the face value or accreted amount; and
	

 	
 	

(b)	
 	

in respect of the Jersey Guarantee Liability and the Intercompany Debt, the aggregate face value of the Jersey Notes.
	 	 	 	 	 

6

 

	

Interest amounts:	
 	

The interest amounts (the "Interest Amounts") as at the Record Date will be:
	

 	
 	

(a)	
 	

in respect of the Notes, the aggregate of interest and default interest that has accrued and remains unpaid (if any); and
	

 	
 	

(b)	
 	

in respect of the Jersey Guarantee Liability and the Intercompany Debt, the aggregate of interest and default interest that has accrued and remains unpaid on the Jersey Notes.
	

Currency conversion:	
 	

A conversion rate equal to the average of the closing mid-point spot rates, as reported by Bloomberg, L.P., for each trading day in the period commencing ••, 2002, (being the date of the first interest default by Telewest or Telewest Jersey
under the Notes) up to and including • • 2003 (being the latest practicable date for inclusion of information in the Explanatory Statement before printing).
	

Total claims:	
 	

In relation to the Plc Scheme and the Jersey Scheme, the aggregate of the relevant Principal Amounts, the Interest Amounts and all other claims, liquidated in amount and either agreed with Telewest, or Telewest Jersey (as appropriate), or otherwise
determined under the Plc Scheme, or Jersey Scheme (as appropriate), arising directly or indirectly in relation to, or arising out of or in connection with, the Telewest Liabilities or the Jersey Liabilities (as appropriate) at the Record
Date.
	

Plc Scheme Conditions:	
 	

The Plc Scheme is conditional upon the following having occurred, or being conditional only upon the occurrence of the Effective Date:
	

 	
 	

(a)	
 	

the Shareholder Resolution (as described below) having been passed;
	

 	
 	

(b)	
 	

the Revised Senior Secured Facility Agreement (described below) having been entered into and the Recapitalisation Supplemental Deed Effective Date (as defined in the Explanatory Statement) having occurred;
	

 	
 	

(c)	
 	

approval for quotation of the New Shares on NASDAQ, subject to notice of issuance;
	

 	
 	

(d)	
 	

Telewest having entered into the escrow agent agreement between Telewest, Telewest Jersey and the escrow agent substantially in accordance with the terms of the Plc Scheme;
	

 	
 	

(e)	
 	

obtaining a permanent order under the Section 304 Proceedings (waivable by a majority of holders of Notes (by Principal Amount)); and
	

 	
 	

(f)	
 	

the completion of all proceedings under Chapter 11 of the US Bankruptcy Code in respect of Telewest (if any such proceedings have been commenced) (waivable by a majority of holders of Notes (by Principal Amount)).
	

New Telewest:	
 	

New Telewest will become the new holding company of the Telewest Group (other than Telewest and Telewest Jersey). New Telewest will own all of the issued share capital of Telewest UK Limited which will acquire all of the assets of Telewest (other
than the shares in Telewest Jersey the shares in New Telewest and a cash amount).
	 	 	 	 	 

7

 

	

New Shares:	
 	

In return for the cancellation of the Telewest Liabilities, (a) New Shares representing 98.5 per cent. of the capital of New Telewest will be transferred to the relevant creditors; and (b) New Shares representing 1.5 per cent. of the
capital of New Telewest will be transferred to the Company's shareholders as at the last day of trading before the Effective Date.
	

Shareholder Resolution:	
 	

The Shareholder Resolution will be proposed at an extraordinary general meeting of the Company to approve the transfer by Telewest of all of the assets of Telewest (other than the shares in Telewest Jersey, the shares in New Telewest and a cash
amount) to Telewest UK Limited in return for the issue of New Shares by New Telewest.
	

Governance:	
 	

All organizational documents and arrangements relating to corporate governance of New Telewest shall be consistent with U.S. best practices and U.K. best practices to the extent not inconsistent with U.S. best practices and shall provide for a
staggered board of directors and anti-takeover measures, including a poison pill.
	

Revised Senior Secured Facility Agreement:	
 	

The Telewest Group will enter into an amended and restated loan agreement for committed facilities of £2,030 million comprising term loans of £1,840 million, a revolving credit facility of £140 million and an
overdraft facility of £50 million together with uncommitted facilities of up to £125 million. Of the committed amount of £2,030 million, £1,885 million will mature on 31 December 2005 with the balance
of £145 million maturing on 30 June 2006. The amended and restated loan agreement will be conditional upon, among other things, the compromise of the Telewest Liabilities becoming effective.
	

Liquidation of Telewest and Telewest Jersey	
 	

Following the completion of the Financial Restructuring, the Liquidation Resolutions will be proposed at an extraordinary general meeting of the Company to approve a shareholders' voluntary liquidation of Telewest and to appoint a liquidator. There
will also be a shareholders' voluntary liquidation of Telewest Jersey.
	

Public documents	
 	

Substantially final forms of the Explanatory Statement and Registration Statement are attached to this Agreement and initialled for the purpose of identification by, or on behalf of, the Parties hereto.
	

 	
 	

The above terms are all as documented in the Plc Scheme and the Jersey Scheme. To the extent there is any discrepancy between the above terms and the terms of the Plc Scheme and the Jersey Scheme (as provided to IDT by Telewest and Telewest Jersey
immediately prior to the date of effectiveness of this Agreement in the final form of the Explanatory Statement), the terms of such schemes shall take precedence.

8

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Exhibit 4.5<Page>

                                                                     EXHIBIT 4.4

                            FORM OF WARRANT AGREEMENT

     This Agreement made as of June __, 2005 between Harbor Acquisition
Corporation, a Delaware corporation, with offices at One Boston Place, Boston,
Massachusetts 02108 ("COMPANY"), and Continental Stock Transfer & Trust Company,
a New York corporation, with offices at 17 Battery Place, New York, New York
10004 ("WARRANT AGENT").

     WHEREAS, the Company is engaged in a public offering ("PUBLIC OFFERING") of
Units ("UNITS") and, in connection therewith, has determined to issue and
deliver (i) up to 23,000,000 Warrants, including 3,000,000 Warrants that may be
issued to Ferris, Baker Watts, Incorporated ("FBW") upon exercise of its
over-allotment option, ("Public Warrants") to the public investors, and (ii)
1,000,000 Warrants to FBW or its designees ("Underwriter's Warrants" and,
together with the Public Warrants, the "Warrants"), each Warrant evidencing the
right of the holder thereof to purchase one share of common stock, par value
$0.0001 per share, of the Company's Common Stock ("Common Stock") for $5.00,
subject to adjustment as described herein; and

     WHEREAS, the Company has filed with the Securities and Exchange Commission
a Registration Statement, No. 333-[     ] on Form S-1 ("REGISTRATION STATEMENT")
for the registration, under the Securities Act of 1933, as amended ("ACT") of,
among other securities, the Warrants and the Common Stock issuable upon exercise
of the Warrants; and

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

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

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

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

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

2.   WARRANTS.

     2.1  FORM OF WARRANT. Each Warrant shall be issued in registered form
only, shall be in substantially the form of EXHIBIT A hereto, the provisions of
which are incorporated herein and shall be signed by, or bear the facsimile
signature of, the Chairman of the Board, Chief Executive Officer or President,
and Chief Financial Officer, Secretary or Assistant Secretary of the Company and
shall bear a facsimile of the Company's seal. In the event the person whose
facsimile signature has been placed upon any Warrant shall have ceased to serve
in the capacity in which such person signed the Warrant before such Warrant is
issued, it may be issued with the same effect as if he or she had not ceased to
be such at the date of issuance.

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

                                        1
<Page>

     2.3  REGISTRATION.

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

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

     2.4  DETACHABILITY OF WARRANTS. The securities comprising the Units will
not be separately transferable until 90 days after the date hereof unless FBW
informs the Company of its decision to allow earlier separate trading, but in no
event will FBW allow separate trading of the securities comprising the Units
until the Company files a Current Report on Form 8-K which includes an audited
balance sheet reflecting the receipt by the Company of the gross proceeds of the
Public Offering including the proceeds received by the Company from the exercise
of the Underwriter's over-allotment option, if the over-allotment option is
exercised prior to the filing of the Form 8-K.

3.   TERMS AND EXERCISE OF WARRANTS.

     3.1  WARRANT PRICE. Each Public Warrant shall, when countersigned by the
Warrant Agent, entitle the registered holder thereof, subject to the provisions
of such Warrant and of this Warrant Agreement, to purchase from the Company the
number of shares of Common Stock stated therein, at the price of $5.00 per whole
share, subject to the adjustments provided in Section 4 hereof and in the last
sentence of this Section 3.1. The term "Warrant Price" as used in this Warrant
Agreement refers to the price per share at which Common Stock may be purchased
at the time a Warrant is exercised. The Company in its sole discretion may lower
the Warrant Price at any time prior to the Expiration Date; provided, however,
that the any change in the Warrant Price must apply equally to all of the
Warrants. The Underwriter's Warrants shall have the same terms and be in
the same form as the Public Warrants, except that the Underwriter's
Warrants shall have an exercise price of $6.25 per whole share, subject to
adjustment as provided in Section 4 hereof, and shall be entitled to Cashless
Exercise Rights as provided in Section 3.4 hereof.

     3.2  DURATION OF WARRANTS. A Warrant may be exercised only during the
period ("EXERCISE PERIOD") commencing on the later of the consummation by the
Company of a merger, capital stock exchange, asset acquisition or other similar
business combination ("BUSINESS COMBINATION") (as described more fully in the
Company's Registration Statement) or      , 2006, and terminating at 5:00 p.m.,
New York City local time on the earlier to occur of (i)        , 2010 or (ii)
the date fixed for redemption of the Warrants as provided in Section 6 of this
Agreement ("EXPIRATION DATE"). Except with respect to the right to receive the
Redemption Price (as set forth in Section 6 hereunder), each Warrant not
exercised on or before the Expiration Date shall become void, and all rights
thereunder and all rights in respect thereof under this Agreement shall cease at
the close of business on the Expiration Date. The Company in its sole discretion
may extend the duration of the Warrants by delaying the Expiration Date;
provided, however, that any extension of the duration of the Warrants must apply
equally to all of the Warrants.

     3.3  EXERCISE OF WARRANTS.

          3.3.1     PAYMENT. Subject to the provisions of the Warrant and this
Warrant Agreement, a Warrant, when countersigned by the Warrant Agent, may be
exercised by the registered holder thereof by surrendering it, at the office of
the Warrant Agent, or at the office of its successor as Warrant Agent, in the
Borough of Manhattan, City and State of New York, with the subscription form, as
set forth in the Warrant, duly executed, and by paying in full, in lawful money
of the United States, in cash, good certified check or good bank draft payable
to the order of the Company (or as otherwise agreed to by the Company), the
Warrant Price for each full share of Common Stock

                                        2
<Page>

as to which the Warrant is exercised and any and all applicable taxes due in
connection with the exercise of the Warrant, the exchange of the Warrant for the
Common Stock, and the issuance of the Common Stock.

          3.3.2     ISSUANCE OF CERTIFICATES. As soon as practicable after the
exercise of any Warrant and the clearance of the funds in payment of the Warrant
Price, the Company shall issue to the registered holder of such Warrant a
certificate or certificates for the number of full shares of Common Stock to
which he is entitled, registered in such name or names as may be directed by
him, her or it, and if such Warrant shall not have been exercised in full, a new
countersigned Warrant for the number of shares as to which such Warrant shall
not have been exercised. Notwithstanding the foregoing, the Company shall not be
obligated to deliver any securities pursuant to the exercise of a Warrant unless
a registration statement under the Act with respect to the Common Stock is
effective. Warrants may not be exercised by, or securities issued to, any
registered holder in any state in which such exercise would be unlawful.

          3.3.3     VALID ISSUANCE. All shares of Common Stock issued upon the
proper exercise of a Warrant in conformity with this Agreement shall be validly
issued, fully paid and nonassessable.

          3.3.4     DATE OF ISSUANCE. Each person in whose name any such
certificate for shares of Common Stock is issued shall for all purposes be
deemed to have become the holder of record of such shares on the date on which
the Warrant was surrendered and payment of the Warrant Price was made,
irrespective of the date of delivery of such certificate, except that, if the
date of such surrender and payment is a date when the stock transfer books of
the Company are closed, such person shall be deemed to have become the holder of
such shares at the close of business on the next succeeding date on which the
stock transfer books are open.

     3.4  CASHLESS EXERCISE.

          3.4.1     DETERMINATION OF AMOUNT. In lieu of the payment of the
Warrant Price multiplied by the number of shares of Common Stock for which an
Underwriter's Warrant is exercisable under Section 3.3.1, and in lieu of
being entitled to receive shares in the manner required by Section 3.3.2, the
registered holder of an Underwriter's Warrant shall have the right (but not
the obligation) to convert any exercisable but unexercised portion of said
Underwriter's Warrant into shares of Common Stock ("CASHLESS EXERCISE RIGHT")
as follows: Upon exercise of the Cashless Exercise Right, the Company shall
deliver to the registered holder (without payment by the holder of any of
the Warrant Price in cash) that number of shares of Common Stock equal to the
quotient obtained by dividing (x) the "Value" (as defined below) of the
portion of the Underwriter's Warrant being converted by (y) the "Current
Market Price" (as defined below) of a share of Common Stock. The "Value" of
the portion of the Underwriter's Warrant being converted shall equal the
remainder derived from subtracting (a)(i) the Warrant Price multiplied by
(ii) the number of shares of Common Stock underlying the portion of the
Underwriter's Warrant being converted, from (b)(i) the Current Market Price
of a share of Common Stock multiplied by (ii) the number of shares of Common
Stock underlying the portion of the Underwriter's Warrant being converted.

          The "Current Market Price" of a share of Common Stock on any day
shall mean (i) if the shares are listed on a national securities exchange or
quoted on the Nasdaq National Market, Nasdaq SmallCap Market or NASD OTC
Bulletin Board (or any successor such as the Bulletin Board Exchange), the
average closing price of a share for the thirty (30) trading days immediately
preceding the date of determination of the Current Market Price in the
principal trading market for the shares as reported by the exchange, Nasdaq
or the NASD, as the case may be; (ii) if the shares are not listed on a
national securities exchange or quoted on the Nasdaq National Market, Nasdaq
SmallCap Market or the NASD OTC Bulletin Board (or such successor), but is
traded in the residual over-the-counter market, the closing bid price for a
share on the last trading day preceding the date in question for which such
quotations are reported by the Pink Sheets, LLC or similar publisher of such
quotations; and (iii) if the fair market value of the shares cannot be
determined pursuant to clause (i) or (ii) above, such price as the Board of
Directors of the Company shall determine, in good faith.

          3.5       MECHANICS OF CASHLESS EXERCISE. The Cashless Exercise Right
may be exercised by the registered holder of any Underwriter's Warrant on any
business day during the Exercise Period by delivering the Underwriter's
Warrant with the duly executed exercise form attached hereto with the
cashless exercise section completed to the Warrant Agent, exercising the
Cashless Exercise Right and specifying the total number of shares the holder
will purchase pursuant to such Cashless Exercise Right.

4.   ADJUSTMENTS.

     4.1  STOCK DIVIDENDS - SPLIT-UPS. If after the date hereof, and subject to
the provisions of Section 4.6 below, the number of outstanding shares of Common
Stock is increased by a stock dividend payable in shares of Common Stock, or by
a split-up of shares of Common Stock, or other similar event, then, on the
effective date of such stock dividend, split-up or similar event, the number of
shares of Common Stock issuable on exercise of each Warrant shall be increased
in proportion to such increase in outstanding shares of Common Stock.

     4.2  AGGREGATION OF SHARES. If after the date hereof, and subject to the
provisions of Section 4.6, the number of outstanding shares of Common Stock is
decreased by a consolidation, combination, reverse stock split or
reclassification of shares of Common Stock or other similar event, then, on the
effective date of such consolidation, combination, reverse stock split,
reclassification or similar event, the number of shares of Common Stock issuable
on exercise of each Warrant shall be decreased in proportion to such decrease in
outstanding shares of Common Stock.

     4.3  ADJUSTMENTS IN EXERCISE PRICE. Whenever the number of shares of
Common Stock purchasable upon the exercise of the Warrants is adjusted, as
provided in Section 4.1 and 4.2 above, the Warrant Price shall be adjusted (to
the nearest cent) by multiplying such Warrant Price immediately prior to such
adjustment by a fraction (x) the numerator of which shall be the number of
shares of Common Stock purchasable upon the exercise of the Warrants immediately
prior to such adjustment, and (y) the denominator of which shall be the number
of shares of Common Stock so purchasable immediately thereafter.

     4.4  REPLACEMENT OF SECURITIES UPON REORGANIZATION, ETC. In case of any
reclassification or reorganization of the outstanding shares of Common Stock
(other than a change covered by Section 4.1 or 4.2 hereof or that solely affects
the par value of such shares of Common Stock), or in the case of any merger or
consolidation of the Company with or into another corporation (other than a
consolidation or merger in which the Company is the continuing corporation and
that does not result in any reclassification or reorganization of the
outstanding shares of Common Stock), or in the case of any sale or conveyance to
another corporation or entity of the assets or other property of the Company as
an entirety or substantially as an entirety in connection with which the Company
is dissolved, the Warrant holders shall thereafter have the right to purchase
and receive, upon the basis and upon the terms and conditions specified in the
Warrants and in lieu of the shares of Common Stock of the Company immediately
theretofore purchasable and receivable upon the exercise of the rights
represented thereby, the kind and amount of shares of stock or other securities
or property (including cash) receivable upon such reclassification,

                                        3
<Page>

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

     4.5  NOTICES OF CHANGES IN WARRANT. Upon every adjustment of the Warrant
Price or the number of shares issuable upon exercise of a Warrant, the Company
shall give written notice thereof to the Warrant Agent, which notice shall state
the Warrant Price resulting from such adjustment and the increase or decrease,
if any, in the number of shares purchasable at such price upon the exercise of a
Warrant, setting forth in reasonable detail the method of calculation and the
facts upon which such calculation is based. Upon the occurrence of any event
specified in Sections 4.1, 4.2, 4.3 or 4.4, then, in any such event, the Company
shall give written notice to the Warrant holder, at the last address set forth
for such holder in the warrant register, of the record date or the effective
date of the event. Failure to give such notice, or any defect therein, shall not
affect the legality or validity of such event.

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

     4.7  FORM OF WARRANT. The form of Warrant need not be changed because of
any adjustment pursuant to this Section 4, and Warrants issued after such
adjustment may state the same Warrant Price and the same number of shares as is
stated in the Warrants initially issued pursuant to this Agreement. However, the
Company may at any time in its sole discretion make any change in the form of
Warrant that the Company may deem appropriate and that does not affect the
substance thereof, and any Warrant thereafter issued or countersigned, whether
in exchange or substitution for an outstanding Warrant or otherwise, may be in
the form as so changed.

5.   TRANSFER AND EXCHANGE OF WARRANTS.

     5.1  REGISTRATION OF TRANSFER. The Warrant Agent shall register the
transfer, from time to time, of any outstanding Warrant upon the Warrant
Register, upon surrender of such Warrant for transfer, properly endorsed with
signatures properly guaranteed and accompanied by appropriate instructions for
transfer. Upon any such transfer, a new Warrant representing an equal aggregate
number of Warrants shall be issued and the old Warrant shall be cancelled by the
Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent
to the Company from time to time upon request.

     5.2  PROCEDURE FOR SURRENDER OF WARRANTS. Warrants may be surrendered to
the Warrant Agent, together with a written request for exchange or transfer, and
thereupon the Warrant Agent shall issue in exchange therefor one or more new
Warrants as requested by the registered holder of the Warrants so surrendered,
representing an equal aggregate number of Warrants; provided, however, that in
the event that a Warrant surrendered for transfer bears a restrictive legend,
the Warrant Agent shall not cancel such Warrant and issue new Warrants in
exchange therefor until the Warrant Agent has received an opinion of counsel for
the Company stating that such transfer may be made and indicating whether the
new Warrants must also bear a restrictive legend.

     5.3  FRACTIONAL WARRANTS. The Warrant Agent shall not be required to effect
any registration of transfer or exchange which will result in the issuance of a
warrant certificate for a fraction of a warrant.

     5.4  SERVICE CHARGES. No service charge shall be made for any exchange or
registration of transfer of Warrants.

     5.5  WARRANT EXECUTION AND COUNTERSIGNATURE. The Warrant Agent is hereby
authorized to countersign and to deliver, in accordance with the terms of this
Agreement, the Warrants required to be issued pursuant to the

                                        4
<Page>

provisions of this Section 5, and the Company, whenever required by the Warrant
Agent, will supply the Warrant Agent with Warrants duly executed on behalf of
the Company for such purpose.

6.   REDEMPTION.

     6.1  REDEMPTION. Subject to Section 6.4 hereof, not less than all of the
outstanding Warrants may be redeemed, at the option of the Company, at any time
after they become exercisable and prior to their expiration, at the office of
the Warrant Agent, upon the notice referred to in Section 6.2, at the price of
$0.01 per Warrant ("REDEMPTION PRICE"), provided that the last sales price of
the Common Stock has been at least $8.50 per share, on each of twenty (20)
trading days within any thirty (30) trading day period ending on the third
business day prior to the date on which notice of redemption is given. The
provisions of this Section 6.1 may not be modified, amended or deleted without
the prior written consent of FBW, who shall be a third party beneficiary with
respect to this section.

     6.2  DATE FIXED FOR, AND NOTICE OF, REDEMPTION. In the event the Company
shall elect to redeem all of the Warrants, the Company shall fix a date for the
redemption. Notice of redemption shall be mailed by first class mail, postage
prepaid, by the Company not less than 30 days prior to the date fixed for
redemption to the registered holders of the Warrants to be redeemed at their
last addresses as they shall appear on the registration books. Any notice mailed
in the manner herein provided shall be conclusively presumed to have been duly
given whether or not the registered holder received such notice.

     6.3  EXERCISE AFTER NOTICE OF REDEMPTION. The Warrants may be exercised in
accordance with Section 3 of this Agreement at any time after notice of
redemption shall have been given by the Company pursuant to Section 6.2 hereof
and prior to the time and date fixed for redemption. On and after the redemption
date, the record holder of the Warrants shall have no further rights except to
receive, upon surrender of the Warrants, the Redemption Price.

     6.4  OUTSTANDING WARRANTS ONLY. The Company understands that the
redemption rights provided for by this Section 6 apply only to outstanding
Warrants. To the extent a person holds rights to purchase Warrants, such
purchase rights shall not be extinguished by redemption. However, once such
purchase rights are exercised, the Company may redeem the Warrants issued upon
such exercise provided that the criteria for redemption is met. The provisions
of this Section 6.4 may not be modified, amended or deleted without the prior
written consent of FBW.

7.   OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANTS.

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

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

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

     7.4  REGISTRATION OF COMMON STOCK. The Company agrees that prior to the
commencement of the Exercise Period, it shall file with the Securities and
Exchange Commission a post-effective amendment to the Registration Statement, or
a new registration statement, for the registration, under the Act, of, and it
shall take such action as is necessary to qualify for sale, in those states in
which the Warrants were initially offered by the Company, the Common Stock
issuable upon exercise of the Warrants. In either case, the Company will use its
best efforts to cause the same to become effective and to maintain the
effectiveness of such registration statement until the expiration of

                                        5
<Page>

the Warrants in accordance with the provisions of this Agreement (except in
connection with a going private transaction). The provisions of this Section 7.4
may not be modified, amended or deleted without the prior written consent of
FBW.

8.   CONCERNING THE WARRANT AGENT AND OTHER MATTERS.

     8.1  PAYMENT OF TAXES. The Company will from time to time promptly pay all
taxes and charges that may be imposed upon the Company or the Warrant Agent in
respect of the issuance or delivery of shares of Common Stock upon the exercise
of Warrants, but the Company shall not be obligated to pay any transfer taxes in
respect of the Warrants or such shares.

     8.2  RESIGNATION, CONSOLIDATION, OR MERGER OF WARRANT AGENT.

          8.2.1     APPOINTMENT OF SUCCESSOR WARRANT AGENT. The Warrant Agent,
or any successor to it hereafter appointed, may resign its duties and be
discharged from all further duties and liabilities hereunder after giving sixty
(60) days' notice in writing to the Company. If the office of the Warrant Agent
becomes vacant by resignation or incapacity to act or otherwise, the Company
shall appoint in writing a successor Warrant Agent in place of the Warrant
Agent. If the Company shall fail to make such appointment within a period of 30
days after it has been notified in writing of such resignation or incapacity by
the Warrant Agent or by the holder of the Warrant (who shall, with such notice,
submit his Warrant for inspection by the Company), then the holder of any
Warrant may apply to the Supreme Court of the State of New York for the County
of New York for the appointment of a successor Warrant Agent at the Company's
cost. Any successor Warrant Agent, whether appointed by the Company or by such
court, shall be a corporation organized and existing under the laws of the State
of New York, in good standing and having its principal office in the Borough of
Manhattan, City and State of New York, and authorized under such laws to
exercise corporate trust powers and be subject to supervision or examination by
federal or state authority. After appointment, any successor Warrant Agent shall
be vested with all the authority, powers, rights, immunities, duties, and
obligations of its predecessor Warrant Agent with like effect as if originally
named as Warrant Agent hereunder, without any further act or deed; but if for
any reason it becomes necessary or appropriate, the predecessor Warrant Agent
shall execute and deliver, at the expense of the Company, an instrument
transferring to such successor Warrant Agent all the authority, powers, and
rights of such predecessor Warrant Agent hereunder; and upon request of any
successor Warrant Agent the Company shall make, execute, acknowledge, and
deliver any and all instruments in writing for more fully and effectually
vesting in and confirming to such successor Warrant Agent all such authority,
powers, rights, immunities, duties, and obligations.

          8.2.2     NOTICE OF SUCCESSOR WARRANT AGENT. In the event a successor
Warrant Agent shall be appointed, the Company shall give notice thereof to the
predecessor Warrant Agent and the transfer agent for the Common Stock not later
than the effective date of any such appointment.

          8.2.3     MERGER OR CONSOLIDATION OF WARRANT AGENT. Any corporation
into which the Warrant Agent may be merged or with which it may be consolidated
or any corporation resulting from any merger or consolidation to which the
Warrant Agent shall be a party shall be the successor Warrant Agent under this
Agreement without any further act.

     8.3  FEES AND EXPENSES OF WARRANT AGENT.

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

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

                                        6
<Page>

     8.4  LIABILITY OF WARRANT AGENT.

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

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

          8.4.3     EXCLUSIONS. The Warrant Agent shall have no responsibility
with respect to the validity of this Agreement or with respect to the validity
or execution of any Warrant (except its countersignature thereof); nor shall it
be responsible for any breach by the Company of any covenant or condition
contained in this Agreement or in any Warrant; nor shall it be responsible to
make any adjustments required under the provisions of Section 4 hereof or be
responsible for the manner, method, or amount of any such adjustment or the
ascertaining of the existence of facts that would require any such adjustment;
nor shall it by any act hereunder be deemed to make any representation or
warranty as to the authorization or reservation of any shares of Common Stock to
be issued pursuant to this Agreement or any Warrant or as to whether any shares
of Common Stock will when issued be valid and fully paid and nonassessable.

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

9.   MISCELLANEOUS PROVISIONS.

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

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

     Harbor Acquisition Corporation
     One Boston Place - Suite 3630
     Boston, Massachusetts 02108
     Attn: Chief Executive Officer

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

                                        7
<Page>

       postage prepaid, addressed (until another address is filed in writing by
the Warrant Agent with the Company), as follows:

       Continental Stock Transfer & Trust Company
       17 Battery Place
       New York, New York 10004
       Attn: ________________

       with a copy in each case to:

       Davis, Malm & D'Agostine, P.C.
       One Boston Place
       Boston, Massachusetts 02109
       Attn: C. Michael Malm, Esquire

       and:

       Ferris, Baker Watts, Incorporated
       100 Light Street, 8th Floor
       Baltimore, MD 21202
       Attn: __________________

       and:

       Venable LLP
       8010 Towers Crescent Drive
       Suite 300
       Vienna, Virginia 22182
       Attn:   Matthew B. Swartz, Esq.

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

     9.4  PERSONS HAVING RIGHTS UNDER THIS AGREEMENT. Nothing in this Agreement
expressed and nothing that may be implied from any of the provisions hereof is
intended, or shall be construed, to confer upon, or give to, any person or
corporation other than the parties hereto and the registered holders of the
Warrants and, for the purposes of Sections 2.5, 6.1, 6.4, 7.4 and 9.2 hereof,
FBW, any right, remedy, or claim under or by reason of this Warrant Agreement or
of any covenant, condition, stipulation, promise, or agreement hereof. FBW shall
be deemed to be a third-party beneficiary of this Agreement with respect to
Sections 2.5, 6.1, 6.4, 7.4 and 9.2 hereof. All covenants, conditions,
stipulations, promises, and agreements contained in this Warrant Agreement shall
be for the sole and exclusive benefit of the parties hereto (and FBW with
respect to the Sections 2.5, 6.1, 6.4, 7.4 and 9.2 hereof) and their successors
and assigns and of the registered holders of the Warrants.

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

                                        8
<Page>

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

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

   [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS.]

                                        9
<Page>

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

                                            HARBOR ACQUISITION CORPORATION

                                            By:
                                               -------------------------
                                               Robert J. Hanks,
                                               Chief Executive Officer

                                            CONTINENTAL STOCK TRANSFER
                                             & TRUST COMPANY

                                            By:
                                               -------------------------
                                               Name:
                                               Title:

                                            FERRIS, BAKER WATTS, INCORPORATED
                                            (as third party beneficiary with
                                             regard to Section 6.1)

                                            By:
                                               -------------------------
                                               Name:
                                               Title:
                                       10

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