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                                                                   EXHIBIT 10.51

                    EXECUTIVE COMMITTEE EMPLOYMENT AGREEMENT

          THIS EXECUTIVE COMMITTEE EMPLOYMENT AGREEMENT (this "AGREEMENT") is
entered into as of April 28, 2003 between Izak Bencuya (the "EXECUTIVE") and
Fairchild Semiconductor Corporation, a Delaware corporation (the "COMPANY").

          For ease of reference, this Agreement is divided into the following
parts, which begin on the pages indicated:

PART 1--   TERM, DUTIES AND SCOPE, COMPENSATION AND BENEFITS DURING EMPLOYMENT
           (Sections 1-4, beginning on page 2)

                -    Salary

                -    EFIP Bonus

                -    Other Compensation

PART 2--   COMPENSATION AND BENEFITS IN CASE OF ACTUAL OR CONSTRUCTIVE
           TERMINATION
           (Sections 5-6, beginning on page 4)

                -    Termination

PART 3--   COMPENSATION AND BENEFITS IN CASE OF A CHANGE IN CONTROL
           (Section 7, beginning on page 5)

                -    Change in Control

PART 4--   TRADE SECRETS, INTELLECTUAL PROPERTY, NON-COMPETITION, REMEDIES,
           SEVERABILITY, SUCCESSORS, MISCELLANEOUS PROVISIONS, SIGNATURE PAGE
           (Sections 8-14, beginning on page 7)

                -    Non-Compete

                -    Confidentiality

                -    Forfeiture in Case of Certain Events
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                                      TERMS

     For good and valuable consideration, the adequacy and receipt of which are
hereby acknowledged, the Company and the Executive, intending to be legally
bound, agree as follows:

PART 1 TERM OF EMPLOYMENT, DUTIES AND SCOPE, COMPENSATION AND BENEFITS DURING
     EMPLOYMENT

SECTION 1. TERM OF EMPLOYMENT

(a)  Term.  Unless sooner terminated as provided in this Agreement, the term of
     this Agreement will begin on the effective date of this Agreement and will
     end on the fourth anniversary thereof (the "INITIAL TERM"). The term of
     this Agreement will be automatically extended for one or more successive
     one-year periods (each a "RENEWAL TERM") unless the Company or the
     Executive gives the other written notice of non-renewal at least 30 days
     before the end of the Initial Term or the applicable Renewal Term. The
     Initial Term and any Renewal Term are collectively referred to as the
     "Term."

(b)  Termination or Resignation.  Subject to the other terms of this Agreement,
     including those in Part 2, either the Company or the Executive may
     terminate the Executive's employment with the Company at any time and for
     any reason or no reason upon written notice to the other party.

SECTION 2. DUTIES AND SCOPE OF EMPLOYMENT

(a)  Position.  The Company will employ the Executive (or, if the Company is not
     the Executive's employer, the Company will cause its appropriate subsidiary
     to employ the Executive) during the Term in the position of Executive Vice
     President, Discrete Division, reporting to the Chief Operating Officer. The
     Executive will be given duties, responsibilities and authorities that are
     appropriate to this position.

(b)  Obligations.  During the Term, the Executive will devote the Executive's
     full business efforts and time to the business and affairs of the Company
     as needed to carry out his duties and responsibilities. The foregoing shall
     not preclude the Executive from engaging in appropriate civic, charitable,
     religious or other non-profit activities or from devoting a reasonable
     amount of time to private investments or from serving on the boards of
     directors of other entities, provided that those activities do not
     interfere or conflict with the Executive's duties or responsibilities to
     the Company.

SECTION 3. BASE COMPENSATION

During the Term, the Company will pay the Executive, as compensation for
services, a base salary at the annual rate of at least $300,000. Salary
increases will be considered after the first anniversary of this Agreement, or
sooner in the discretion of the Chief Executive Officer, on a basis consistent
with Company policies.

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SECTION 4. OTHER COMPENSATION

(a)  EFIP. During the Term the Executive will be enrolled in the Enhanced
     Fairchild Incentive Plan (EFIP), at a new targeted participation level of
     60%. While bonuses under this program are never guaranteed, typically, if
     the company meets its EBITDA goals, participants receive 100% of the
     targeted payout. If the company exceeds those goals, participants can
     receive up to 200% of the targeted payout.

(b)  Retention Bonus.

          (i) Subject to clause (ii) below, if the Executive remains
     continuously employed by the Company in his present or any higher ranking
     position up to and including January 1, 2004, then the Company will pay the
     Executive a lump sum of $150,000 within 10 days after that date, if, in the
     judgment of the Company he has worked closely with the CEO on, and made a
     significant contribution to, development of a worldwide power products
     strategy. In addition, subject to clause (ii) below, if the Executive
     remains continuously employed by the Company in his present or any higher
     ranking position up to and including January 1, 2005, then the Company will
     pay the Executive a lump sum $150,000 within 10 days after that date. Each
     such payment will be net of withholding of all applicable taxes on wages
     and income assessed at the time of payment. Any additional wage or income
     taxes resulting from the Executive's receipt of such payments will be the
     sole responsibility of the Executive. The obligations of the Company under
     this Section 4(b) are subject to Section 6(a). Without limiting the
     Company's other rights or remedies in the event of the Executive's breach
     of any provision of this Agreement, the obligation of the Company to
     provide the payments described in this Section 4(b) shall cease if the
     Executive breaches any of the provisions of Sections 8 or 10.

          (ii) If the Executive terminates his employment with the Company
     before January 1, 2007 for any reason other than Good Reason, then the
     Executive will repay to the Company the full value of any amounts received
     from the Company under clause (i), including the value of any taxes paid by
     the Company in connection with such payments. Such repayment obligation
     shall be effective, and all amounts owing thereunder will be due and
     payable, as of the date of such termination, and the Company may provide
     for an offset to any payments owed by the Company or any subsidiary to the
     Executive if necessary to partially satisfy such repayment obligation.

(c)  DSUs. In addition to any grants of options or other awards for which the
     Executive may be eligible under the Company's general stock plan, the
     Company will grant the Executive 10,000 deferred stock units, subject to
     the applicable Company plan governing such award and an award agreement
     under such plan not inconsistent with the terms of this paragraph. The
     grant date of this grant of deferred stock units will be the effective date
     of this Agreement. This grant will vest in 25% increments on the first four
     anniversaries of the grant date. The Executive will be solely responsible
     for any taxes associated with the receipt, vesting, or delivery of shares
     or cash under, this grant, and the Company will make appropriate
     withholdings from any distributions of shares or cash thereunder.

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(c)  Options. (i) The Company will grant the Executive options to purchase
     100,000 shares of the company's common stock, subject to the applicable
     Company plan governing such award and an award agreement under such plan
     not inconsistent with the terms of this paragraph. The grant date for this
     grant of options will be the effective date of this Agreement. This grant
     will vest in 25% increments on the first four anniversaries of the grant
     date, provided that any unvested options will vest in full on the second
     anniversary of the grant date if each of the following conditions is
     satisfied on or before such second anniversary: (1) the Executive has
     submitted a plan reasonably satisfactory to the Company regarding the
     development and succession planning of the Company's worldwide discrete
     business, (2) the Company's net trade revenues for its worldwide discrete
     business have grown each year according to the operating plans submitted by
     the Executive, unless factors beyond the reasonable control of the
     Executive have intervened, and (3) the Executive has submitted a plan
     reasonably satisfactory to the Company articulating a global power products
     strategy, with measurable strategies and goals. The Executive will be
     solely responsible for any taxes associated with the foregoing stock option
     grant.

          (ii) In addition, so long as he is employed by the Company, the
     Company will make annual grants to the Executive of options to purchase
     shares of common stock, subject to the applicable Company plan governing
     such award, covering a number of shares consistent with grants to other
     Executive Vice President-level recipients as recommended by independent
     compensation consultants and determined by the compensation committee of
     the Company's board of directors.

PART 2 COMPENSATION AND BENEFITS IN CASE OF TERMINATION WITHOUT CAUSE OR FOR
     GOOD REASON

SECTION 5. TERMINATIONS AND RELATED DEFINITIONS

Part 2 of the Agreement, consisting of Sections 5 and 6, describes the benefits
and compensation, if any, payable in case of certain terminations of employment.
Part 3 of the Agreement, consisting of Section 7, describes benefits and
compensation, if any, payable in case of a Change in Control.

In this Agreement,

(a)  "CAUSE" means (1) a willful failure by the Executive to substantially
     perform the Executive's duties under this Agreement, other than a failure
     resulting from the Executive's complete or partial incapacity due to
     physical or mental illness or impairment, (2) a willful act by the
     Executive that constitutes gross misconduct and that is materially
     injurious to the Company, (3) a willful breach by the Executive of a
     material provision of this Agreement (including Sections 8 and 10) or (4) a
     material and willful violation of a federal or state law or regulation
     applicable to the business of the Company that is materially and
     demonstrably injurious to the Company, provided that no act, or failure to
     act, by the Executive shall be considered "willful" unless committed
     without

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     good faith and without a reasonable belief that the act or omission was in
     the Company's best interest; and

(b)  "GOOD REASON" means any of the following: (1) a reduction in the
     Executive's base salary other than as part of a broader executive pay
     reduction, (2) a reduction in the Executive's incentive compensation (EFIP)
     target other than as part of a broader executive reduction, (3) a material
     change in the employment benefits available to the Executive, if such
     change does not similarly affect all employees of the Company eligible for
     such benefits, or (4) a material reduction in the Executive's duties,
     responsibilities or authority.

SECTION 6. TERMINATION BY COMPANY WITHOUT CAUSE OR BY EXECUTIVE FOR GOOD REASON

(a)  Severance.  If, during the Term, the Company terminates the Executive's
     employment for any reason other than Cause (including as a result of the
     Executive's death or disability), or if the Executive terminates his
     employment for Good Reason, then, provided the Executive (or his legal
     representative, if applicable) executes the release of claims described in
     Section 6(b), (i) the Company will pay the Executive, in a lump sum or, at
     the Company's option, in installments over 24 months following the
     effective date of such termination, an amount equal to two times the
     Executive's base salary in effect on such termination date (the Executive
     will be responsible for all taxes relating to such payments and the Company
     will make all required withholdings of all such taxes) and (ii) the Company
     will continue to make the payments specified in Section 4(b)(i), in
     accordance with the terms of that section, as if the Executive remained
     employed by the Company on the dates specified in that section.

(b)  Release of Claims.  As a condition to the receipt of the payments and
     benefits described in Section 6(a), the Executive (or his legal
     representative, if applicable) shall be required to execute a release of
     all claims arising out of the Executive's employment or the termination
     thereof, including any claim of discrimination under U.S. state or federal
     law or any non-U.S. law, but excluding claims for indemnification from the
     Company under any legal or contractual obligation of the Company, including
     but not limited to under any indemnification agreement with the Company,
     its certificate of incorporation or bylaws (or equivalent organizing
     instruments), or claims under applicable directors' and officers'
     insurance.

(c)  Conditions to Receipt of Payments.  Without limiting the Company's other
     rights or remedies in the event of the Executive's breach of any provision
     of this Agreement, the obligation of the Company to provide the payments
     described in this Section 6 shall cease if the Executive breaches any of
     the provisions of Section 8 or 10.

PART 3 COMPENSATION AND BENEFITS IN CASE OF A CHANGE IN CONTROL

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SECTION 7. CHANGE IN CONTROL

(a)  Payment.  In the event of a Change in Control, if the Executive's
     employment is terminated by the Company other than for Cause (including as
     a result of the Executive's death or disability), or by the Executive for
     Good Reason, in either case within the time period beginning six months
     before the Change in Control and ending 12 months after the Change in
     Control, then all cash payments under Section 6(a) and Section 4(b)(i) will
     be paid in a lump sum within 14 days after the date of such termination.
     Any obligation of the Company under this Section 7 will survive any
     termination of this Agreement.

(b)  Definition.  A "CHANGE IN CONTROL" means the happening of any of the
     following events (for purposes of this Section 7 only, the "COMPANY" means
     Fairchild Semiconductor International, Inc., a Delaware corporation, and
     its successors and assigns, and not any of its subsidiaries):

     (1)  An acquisition by any individual, entity or group (within the meaning
          of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of
          1934, as amended (the "EXCHANGE ACT")) (any of which, a "PERSON") of
          beneficial ownership (within the meaning of Rule 13d-3 promulgated
          under the Exchange Act) of 25% or more of either (i) the
          then-outstanding shares of common stock of the Company (the
          "OUTSTANDING COMPANY COMMON STOCK") or (ii) the combined voting power
          of the then-outstanding voting securities of the Company entitled to
          vote generally in the election of directors (the "OUTSTANDING COMPANY
          VOTING SECURITIES"); excluding, however, the following: (A) Any
          acquisition directly from the Company, other than an acquisition by
          virtue of the exercise of a conversion privilege unless the security
          being so converted was itself acquired directly from the Company, (B)
          Any acquisition by the Company, (C) Any acquisition by any employee
          benefit plan (or related trust) sponsored or maintained by the Company
          or any entity controlled by the Company, or (D) Any acquisition
          pursuant to a transaction which complies with clauses (i), (ii) and
          (ii) of Section 7(b)(3); or

     (2)  A change in the composition of the board of directors of the Company
          (the "BOARD") such that the individuals who, as of the effective date
          of this Agreement, constitute the Board (such Board shall be
          hereinafter referred to as the "INCUMBENT BOARD") cease for any reason
          to constitute at least a majority of the Board; provided, however, for
          purposes of this definition, that any individual who becomes a member
          of the Board subsequent to the effective date of this Agreement, whose
          election, or nomination for election by the Company's shareholders,
          was approved by a vote of at least a majority of those individuals who
          are members of the Board and who were also members of the Incumbent
          Board (or deemed to be such pursuant to this proviso) shall be
          considered as though such individual were a member of the Incumbent
          Board; but, provided further, that any such individual whose initial
          assumption of office occurs as a result of either an actual or
          threatened election contest (as such terms are used in Rule 14a-11 of
          Regulation 14A promulgated under the Exchange Act) or other actual or
          threatened solicitation of proxies or consents by or on behalf of a
          Person

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          other than the Board shall not be so considered as a member of the
          Incumbent Board; or

     (3)  Consummation of a reorganization, merger or consolidation or sale or
          other disposition of all or substantially all of the assets of the
          Company ("CORPORATE TRANSACTION"); excluding, however, such a
          Corporate Transaction pursuant to which (i) all or substantially all
          of the individuals and entities who are the beneficial owners,
          respectively, of the Outstanding Company Common Stock and Outstanding
          Company Voting Securities immediately prior to such Corporate
          Transaction will beneficially own, directly or indirectly, more than
          50% of, respectively, the outstanding shares of common stock, and the
          combined voting power of the then outstanding voting securities
          entitled to vote generally in the election of directors, as the case
          may be, of the corporation resulting from such Corporate Transaction
          (including a corporation which as a result of such transaction owns
          the Company or all or substantially all of the Company's assets either
          directly or through one or more subsidiaries) in substantially the
          same proportions as their ownership, immediately prior to such
          Corporate Transaction, of the Outstanding Company Common Stock and
          Outstanding Company Voting Securities, as the case may be, (ii) no
          Person (other than the Company, any employee benefit plan (or related
          trust) of the Company or such corporation resulting from such
          Corporate Transaction) will beneficially own, directly or indirectly,
          25% or more of, respectively, the outstanding shares of common stock
          of the corporation resulting from such Corporate Transaction or the
          combined voting power of the outstanding voting securities of such
          corporation entitled to vote generally in the election of directors
          except to the extent that such ownership existed prior to the
          Corporate Transaction, and (iii) individuals who were members of the
          Incumbent Board will constitute at least a majority of the members of
          the board of directors of the corporation resulting from such
          Corporate Transaction; or

     (4)  The approval by the stockholders of the Company of a complete
          liquidation or dissolution of the Company.

PART 4 TRADE SECRETS, SUCCESSORS, MISCELLANEOUS PROVISIONS, SIGNATURE PAGE

SECTION 8. CONFIDENTIAL INFORMATION

(a)  Acknowledgement.  The Company and the Executive acknowledge that the
     services to be performed by the Executive under this Agreement are unique
     and extraordinary and that, as a result of the Executive's employment, the
     Executive will be in a relationship of confidence and trust with the
     Company and will come into possession of Confidential Information (as
     defined below) that is (1) owned or controlled by the Company, (2) in the
     possession of the Company and belonging to third parties or (3) conceived,
     originated, discovered or developed, in whole or in part, by the Executive.
     "CONFIDENTIAL INFORMATION" means trade secrets and other confidential or
     proprietary business,

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     technical, personnel or financial information, whether or not the
     Executive's work product, in written, graphic, oral or other tangible or
     intangible forms, including specifications, samples, records, data,
     computer programs, drawings, diagrams, models, customer names, ID's or
     e-mail addresses, business or marketing plans, studies, analyses,
     projections and reports, communications by or to attorneys (including
     attorney-client privileged communications), memos and other materials
     prepared by attorneys or under their direction (including attorney work
     product), and software systems and processes. Any Confidential Information
     that is not readily available to the public shall be considered to be a
     trade secret and confidential and proprietary, even if it is not
     specifically marked as such, unless the Company advises the Executive
     otherwise in writing.

(b)  Nondisclosure.  The Executive agrees that the Executive will not, without
     the prior written consent of the Company, directly or indirectly, use or
     disclose Confidential Information to any person, during or after the
     Executive's employment, except as may be necessary in the ordinary course
     of performing the Executive's duties under this Agreement. The Executive
     will keep the Confidential Information in strictest confidence and trust.
     This Section 8(b) shall apply indefinitely, both during and after the Term.

(c)  Surrender Upon Termination.  The Executive agrees that in the event of the
     termination of the Executive's employment for any reason, whether before or
     after the Term, the Executive will immediately deliver to the Company all
     property belonging to the Company, including documents and materials of any
     nature pertaining to the Executive's work with the Company, and will not
     take with the Executive any documents or materials of any description, or
     any reproduction thereof of any description, containing or pertaining to
     any Confidential Information. It is understood that the Executive is free
     to use information that is in the public domain, but not as a result of a
     breach of this Agreement.

(d)  Forfeiture in Certain Events.  The Company may, in its sole discretion, in
     the event of any termination of employment of the Executive for Cause, (A)
     cancel any outstanding award of stock options, restricted stock, deferred
     stock units or other award granted to the Executive under this Agreement
     (an "AWARD"), in whole or in part, whether or not vested or deferred, or
     (B) following the exercise or payment of an Award, within a period of time
     specified by the Company, require the Executive to repay to the Company any
     gain realized or payment received upon the exercise or payment of such
     Award (with such gain or payment valued as of the date of exercise or
     payment). Such cancellation or repayment obligation shall be effective as
     of the date specified by the Company, which may provide for an offset to
     any future payments owed by the Company or any subsidiary to the Executive
     if necessary to satisfy the repayment obligation. This Section 8(d) shall
     apply during and following the Term of this Agreement, but shall have no
     application following a Change in Control.

SECTION 9. ASSIGNMENT OF RIGHTS OF INTELLECTUAL PROPERTY

The Executive will promptly and fully disclose all Intellectual Property to the
Company. The Executive hereby assigns and agrees to assign to the Company (or as
otherwise directed by the

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Company) the Executive's full right, title and interest in and to all
Intellectual Property. The Executive will execute any and all applications for
domestic and foreign patents, copyrights or other proprietary rights and to do
such other acts (including the execution and delivery of instruments of further
assurance or confirmation) requested by the Company to assign the Intellectual
Property to the Company and to permit the Company and its affiliates to enforce
any patents, copyrights or other proprietary rights to the Intellectual
Property. "INTELLECTUAL PROPERTY" means inventions, discoveries, developments,
methods, processes, compositions, works, concepts and ideas (whether or not
patentable or copyrightable or constituting trade secrets) conceived, made,
created, developed or reduced to practice by the Executive (whether alone or
with others, whether or not during normal businesses hours or on or off Company
premises) during the Executive's employment that relate to any business, venture
or activity being conducted or proposed to be conducted by the Company or its
subsidiaries at any time during the term of the Executive's employment with the
Company.

SECTION 10. RESTRICTIONS ON ACTIVITIES OF THE EXECUTIVE

(a)  Acknowledgments.  The Executive agrees that he is being employed under this
     Agreement in a key management capacity with the Company, that the Company
     is engaged in a highly competitive business and that the success of the
     Company's business in the marketplace depends upon its goodwill and
     reputation for quality and dependability. The Executive further agrees that
     reasonable limits may be placed on his ability to compete against the
     Company and its affiliates as provided in this Agreement so as to protect
     and preserve their legitimate business interests and goodwill.

(b)  Agreement Not to Solicit.

     (1)  During the Non-Solicitation Period (defined below), the Executive will
          not, directly or indirectly, through any other entity, hire or attempt
          to hire any employee of the Company or any of its affiliates. During
          the Non-Solicitation Period, the Executive will not call upon,
          solicit, divert or attempt to solicit or divert from the Company or
          any of its affiliates any of their customers or suppliers or potential
          customers or suppliers of whose names the Executive is aware or
          becomes aware of during the term of the Executive's employment.

     (2)  The "NON-SOLICITATION PERIOD" means the period during which the
          Executive is employed by the Company and the following 12 months.

SECTION 11. REMEDIES

It is specifically understood and agreed that any breach of the provisions of
Section 8 or 10 of this Agreement would likely result in irreparable injury to
the Company and that the remedy at law alone would be an inadequate remedy for
such breach, and that in addition to any other remedy it may have, the Company
shall be entitled to enforce the specific performance of this Agreement by the
Executive and to obtain both temporary and permanent injunctive relief without
the necessity of proving actual damages.

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SECTION 12. SEVERABLE PROVISIONS

The provisions of this Agreement are severable and the invalidity of any one or
more provisions shall not affect the validity of any other provision. In the
event that a court of competent jurisdiction shall determine that any provision
of this Agreement or the application thereof is unenforceable in whole or in
part because of the duration of scope thereof, the parties hereby agree that
such court, in making such determination, shall have the power to reduce the
duration and scope of such provision to the extent necessary to make it
enforceable and that this Agreement in its reduced form shall be valid and
enforceable to the fullest extent permitted by law.

SECTION 13. SUCCESSORS

(a)  Company's Successors.  The Company will require any successor (whether
     direct or indirect and whether by purchase, lease, merger, consolidation,
     liquidation or otherwise) to all or substantially all of the Company's
     business or assets, by an agreement in substance and form satisfactory to
     the Executive, to assume this Agreement and to agree expressly to perform
     this Agreement in the same manner and to the same extent as the Company
     would be required to perform it in the absence of a succession. The
     Company's failure to obtain such agreement prior to the effectiveness of a
     succession shall be a breach of this Agreement and shall entitle the
     Executive to all of the compensation and benefits to which the Executive
     would have been entitled under this Agreement if the Company had terminated
     the Executive's employment for any reason other than Cause, on the date
     when such succession becomes effective. For all purposes under this
     Agreement, except as otherwise provided in this Agreement, the term
     "Company" shall include any successor to the Company's business or assets
     that executes and delivers the assumption agreement described in this
     Section 13(a), or that becomes bound by this Agreement by operation of law.

(b)  Executive's Successors.  This Agreement and all rights of the Executive
     under this Agreement shall inure to the benefit of, and be enforceable by,
     the Executive's personal or legal representatives, executors,
     administrators, successors, heirs, distributees, devisees and legatees.

SECTION 14. GENERAL PROVISIONS

(a)  Waiver.  No provision of this Agreement shall be modified, waived or
     discharged unless the modification, waiver or discharge is agreed to in
     writing and signed by the Executive and by an authorized officer of the
     Company (other than the Executive). No waiver by either party of any breach
     of, or of compliance with, any condition or provision of this Agreement by
     the other party shall be considered a waiver of any other condition or
     provision or of the same condition or provision at another time.

(b)  Whole Agreement; Interpretation.  No agreements, representations or
     understandings (whether oral or written and whether express or implied)
     that are not expressly set forth in this Agreement have been made or
     entered into by either party with respect to the subject matter hereof. In
     addition, the Executive hereby acknowledges and agrees that

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     this Agreement supersedes in its entirety any employment agreement between
     the Executive and the Company in effect immediately prior to the effective
     date of this Agreement. As of the effective date of this Agreement, such
     employment agreement shall terminate without any further obligation by
     either party thereto, and the Executive hereby relinquishes any further
     rights that the Executive may have had under such prior employment
     agreement. The reference table on the first page and the headings in this
     Agreement are for convenience of reference only and will not affect the
     construction or interpretation of this Agreement. The word "or" is used in
     its non-exclusive sense. Unless otherwise stated, the word "including"
     should be read to mean "including without limitation" and does not limit
     the preceding words or terms. All references to "Sections" or other
     provisions in this Agreement are to the corresponding Sections or
     provisions in this Agreement. All words in this Agreement will be construed
     to be of such gender or number as the circumstances require.

(c)  Notice.  Notices and all other communications contemplated by this
     Agreement shall be in writing and shall be deemed to have been duly given
     when personally delivered, mailed by U.S. registered or certified mail,
     return receipt requested, or sent by a documented overnight courier
     service. In the case of the Executive, mailed notices shall be addressed to
     the Executive at the home address maintained in the Company's records. In
     the case of the Company, mailed notices shall be addressed to its corporate
     headquarters, and all notices shall be directed to the attention of its
     Chief Executive Officer.

(d)  Setoff.  The Company may set off against any payments owed to the Executive
     under this Agreement any debt or obligation of the Executive owed to the
     Company.

(e)  Choice of Law.  The validity, interpretation, construction and performance
     of this Agreement shall be governed by the laws of the State of Maine,
     irrespective of Maine's choice-of-law principles.

(f)  Arbitration.  Except as otherwise provided with respect to the enforcement
     of Sections 8 and 10, any dispute or controversy arising out of the
     Executive's employment or the termination thereof, including any claim of
     discrimination under U.S. (state or federal) or non-U.S. law, shall be
     settled exclusively by arbitration in accordance with the rules of the
     American Arbitration Association then in effect. Judgment may be entered on
     the arbitrator's award in any court having jurisdiction.

(g)  No Assignment of Benefits.  The rights of any person to payments or
     benefits under this Agreement shall not be made subject to option or
     assignment, either by voluntary or involuntary assignment or by operation
     of law, including bankruptcy, garnishment, attachment or other creditor's
     process, and any action in violation of this Section 14(g) shall be void.

(h)  Limitation of Remedies.  If the Executive's employment terminates for any
     reason, the Executive shall not be entitled to any payments, benefits,
     damages, awards or compensation other than as provided by this Agreement,
     including under the severance policies of the Company or any subsidiary.

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(i)  Taxes.  All payments made pursuant to this Agreement shall be subject to
     withholding of applicable taxes, provided that any payment amounts
     described herein as being net of such taxes shall be paid accordingly.

(j)  Discharge of Responsibility.  The payments under this Agreement, when made
     in accordance with the terms of this Agreement, shall fully discharge all
     responsibilities of the Company to the Executive that existed at the time
     of termination of the Executive's employment other than (1) any legal or
     contractual indemnification obligation of the Company, including but not
     limited to obligations under any indemnification agreement with the
     Company, its certificate of incorporation or bylaws, or claims under
     applicable directors' and officers' insurance, and (2) any payment or
     reimbursement obligations under Company policies or benefit plans (except
     that payments under Section 6(a) will be in lieu of, and will discharge,
     any payment obligations under applicable Company severance plans).

                                       12
<PAGE>
     IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the
case of the Company by its duly authorized officer, as of the day and year first
above written. The Executive has consulted, or has had the opportunity to
consult, with counsel (who is other than the Company's counsel) prior to
execution of this Agreement.

                                        EXECUTIVE

                                        /s/ Izak Bencuya
                                        ----------------------------------------
                                        Izak Bencuya

                                        FAIRCHILD SEMICONDUCTOR CORPORATION

                                        By /s/ Kirk P. Pond
                                           -------------------------------------
                                        Its
                                            ------------------------------------

                                       13THE REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE HEREOF, AGREES
THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN
PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE OPTION AGREES THAT IT WILL
NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION FOR A
PERIOD OF ONE YEAR FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER
THAN (I) EARLYBIRDCAPITAL, INC. ("EBC") OR AN UNDERWRITER OR A SELECTED DEALER
IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF EBC
OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

THIS PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF (I) THE
CONSUMMATION BY TERRA NOVA ACQUISITION CORPORATION ("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 (DEFINED HEREIN)) AND (II) ______________, 2006. VOID AFTER 5:00 P.M.
EASTERN TIME, _____________, 2009.

                              UNIT PURCHASE OPTION

                               FOR THE PURCHASE OF

                                  325,000 UNITS

                                       OF

                       TERRA NOVA ACQUISITION CORPORATION

1. Purchase Option.

         THIS CERTIFIES THAT, in consideration of $_____ duly paid by or on
behalf of ____________________ ("Holder"), as registered owner of this Purchase
Option, to Terra Nova Acquisition Corporation ("Company"), Holder is entitled,
at any time or from time to time upon the later of (i) the consummation of a
Business Combination and (ii) ___________, 2006 ("Commencement Date"), and at or
before 5:00 p.m., Eastern Time, _____________, 2009 ("Expiration Date"), but not
thereafter, to subscribe for, purchase and receive, in whole or in part, up to
Three Hundred Twenty Five Thousand (325,000) units ("Units") of the Company,
each Unit consisting of one share of common stock of the Company, par value
$.0001 per share ("Common Stock"), and two warrants ("Warrant(s)") expiring four
years from the effective date ("Effective Date") of the registration statement
("Registration Statement") pursuant to which Units are offered for sale to the
public ("Offering"). Each Warrant is the same as the warrants included in the
Units being registered for sale to the public by way of the Registration
Statement ("Public Warrants") except that the Warrants have an exercise price of
$6.65 per share. If the Expiration Date is a day on which banking institutions
are authorized by law to close, then this Purchase Option may be exercised on
the next succeeding day which is not such a day in accordance with the terms
herein. During the period ending on the Expiration Date, the Company agrees not
to take

                                       1

any action that would terminate the Purchase Option. This Purchase Option is
initially exercisable at $7.50 per Unit so purchased; provided, however, that
upon the occurrence of any of the events specified in Section 6 hereof, the
rights granted by this Purchase Option, including the exercise price per Unit
and the number of Units (and shares of Common Stock and Warrants) to be received
upon such exercise, shall be adjusted as therein specified. The term "Exercise
Price" shall mean the initial exercise price or the adjusted exercise price,
depending on the context.

2.       Exercise.

         2.1      Exercise Form. In order to exercise this Purchase Option, the
exercise form attached hereto must be duly executed and completed and delivered
to the Company, together with this Purchase Option and payment of the Exercise
Price for the Units being purchased payable in cash or by certified check or
official bank check. If the subscription rights represented hereby shall not be
exercised at or before 5:00 p.m., Eastern time, on the Expiration Date this
Purchase Option shall become and be void without further force or effect, and
all rights represented hereby shall cease and expire.

         2.2      Legend. Each certificate for the securities purchased under
this Purchase Option shall bear a legend as follows unless such securities have
been registered under the Securities Act of 1933, as amended ("Act"):

                  "The securities represented by this certificate have not been
                  registered under the Securities Act of 1933, as amended
                  ("Act") or applicable state law. The securities may not be
                  offered for sale, sold or otherwise transferred except
                  pursuant to an effective registration statement under the Act,
                  or pursuant to an exemption from registration under the Act
                  and applicable state law."

         2.3      Cashless Exercise.

                  2.3.1 Determination of Amount. In lieu of the payment of the
Exercise Price multiplied by the number of Units for which this Purchase Option
is exercisable (and in lieu of being entitled to receive Common Stock and
Warrants) in the manner required by Section 2.1, the Holder shall have the right
(but not the obligation) to convert any exercisable but unexercised portion of
this Purchase Option into Units ("Conversion Right") as follows: upon exercise
of the Conversion Right, the Company shall deliver to the Holder (without
payment by the Holder of any of the Exercise Price in cash) that number of Units
(or that number of shares of Common Stock and Warrants (or that number of shares
of comprising that number of Units) equal to the quotient obtained by dividing
(x) the "Value" (as defined below) of the portion of the Purchase Option being
converted by (y) the Current Market Value (as defined below). The "Value" of the
portion of the Purchase Option being converted shall equal the remainder derived
from subtracting (a) (i) the Exercise Price multiplied by (ii) the number of
Units underlying the portion of this Purchase Option being converted from (b)
the Current Market Value of a Unit multiplied by the number of Units underlying
the portion of the Purchase Option being converted. As used herein, the term
"Current Market Value" per Unit at any date means: (A) in the event that neither
the Units nor Warrants are still trading, the remainder derived from subtracting
(x) the exercise price of the Warrants multiplied by the number of shares of
Common Stock issuable upon exercise of the Warrants underlying one Unit from (y)
(i) the Current Market Price of the Common Stock multiplied by (ii) the number
of shares of Common Stock underlying one Unit, which shall include the shares of
Common Stock underlying the Warrants included in such Unit; (B) in the event
that the Units, Common Stock and Warrants are still trading, (i) if the Units
are listed on a national securities exchange or quoted on the Nasdaq National
Market, Nasdaq SmallCap Market or NASD OTC Bulletin Board (or successor such as
the Bulletin Board Exchange), the last sale price of the Units in the principal
trading market for the Units as reported by the exchange, Nasdaq or the NASD, as
the case may be, on the last trading day preceding the date in question; or (ii)
if the Units 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 successor exchange), but is traded in the residual over-the-counter market,
the closing bid price for Units 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 (C) in the event that the Units are
not still trading but the Common Stock and Warrants underlying the Units are
still trading, the Current Market Price of the Common Stock plus the product of
(x) the Current Market Price of the Warrants and (y) the number of shares of
Common Stock underlying the Warrants included in one Unit. The "Current Market
Price" shall mean (i) if the Common Stock (or Warrants, as the case may be) is
listed on a national securities exchange or quoted on the Nasdaq National
Market, Nasdaq SmallCap Market or NASD OTC Bulletin Board (or successor such as
the Bulletin Board Exchange), the last sale price of the Common Stock (or
Warrants) in the principal trading market for the Common Stock as reported by
the exchange, Nasdaq or the NASD, as the case may be, on the last trading day
preceding the date in question; (ii) if the Common Stock (or Warrants, as the
case may be) is not listed on a national securities exchange or quoted on the
Nasdaq National Market, Nasdaq SmallCap Market or the NASD OTC Bulletin Board
(or successor exchange), but is traded in the residual over-the-counter market,
the closing bid price for the Common Stock (or Warrants) 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 Common Stock 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.

                                       2

                  2.3.2 Mechanics of Cashless Exercise. The Cashless Exercise
Right may be exercised by the Holder on any business day on or after the
Commencement Date and not later than the Expiration Date by delivering the
Purchase Option with the duly executed exercise form attached hereto with the
cashless exercise section completed to the Company, exercising the Cashless
Exercise Right and specifying the total number of Units the Holder will purchase
pursuant to such Cashless Exercise Right.

3.       Transfer.

         3.1      General Restrictions. The registered Holder of this Purchase
Option, by its acceptance hereof, agrees that it will not sell, transfer,
assign, pledge or hypothecate this Purchase Option for a period of one year
following the Effective Date to anyone other than (i) EBC or an underwriter or a
selected dealer in connection with the Offering, or (ii) a bona fide officer or
partner of EBC or of any such underwriter or selected dealer. On and after the
first anniversary of the Effective Date, transfers to others may be made subject
to compliance with or exemptions from applicable securities laws. In order to
make any permitted assignment, the Holder must deliver to the Company the
assignment form attached hereto duly executed and completed, together with the
Purchase Option and payment of all transfer taxes, if any, payable in connection
therewith. The Company shall within five business days transfer this Purchase
Option on the books of the Company and shall execute and deliver a new Purchase
Option or Purchase Options of like tenor to the appropriate assignee(s)
expressly evidencing the right to purchase the aggregate number of Units
purchasable hereunder or such portion of such number as shall be contemplated by
any such assignment.

         3.2      Restrictions Imposed by the Act. The securities evidenced by
this Purchase Option shall not be transferred unless and until (i) the Company
has received the opinion of counsel for the Holder that the securities may be
transferred pursuant to an exemption from registration under the Act and
applicable state securities laws, the availability of which is established to
the reasonable satisfaction of the Company (the Company hereby agreeing that the
opinion of Graubard Miller shall be deemed satisfactory evidence of the
availability of an exemption), or (ii) a registration statement or a
post-effective amendment to the Registration Statement relating to such
securities has been filed by the Company and declared effective by the
Securities and Exchange Commission and compliance with applicable state
securities law has been established.

                                       3

4.       New Purchase Options to be Issued.

         4.1      Partial Exercise or Transfer. Subject to the restrictions in
Section 3 hereof, this Purchase Option may be exercised or assigned in whole or
in part. In the event of the exercise or assignment hereof in part only, upon
surrender of this Purchase Option for cancellation, together with the duly
executed exercise or assignment form and funds sufficient to pay any Exercise
Price and/or transfer tax, the Company shall cause to be delivered to the Holder
without charge a new Purchase Option of like tenor to this Purchase Option in
the name of the Holder evidencing the right of the Holder to purchase the number
of Units purchasable hereunder as to which this Purchase Option has not been
exercised or assigned.

         4.2      Lost Certificate. Upon receipt by the Company of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this
Purchase Option and of reasonably satisfactory indemnification or the posting of
a bond, the Company shall execute and deliver a new Purchase Option of like
tenor and date. Any such new Purchase Option executed and delivered as a result
of such loss, theft, mutilation or destruction shall constitute a substitute
contractual obligation on the part of the Company.

5.       Registration Rights.

         5.1      Demand Registration.

                  5.1.1 Grant of Right. The Company, upon written demand
("Initial Demand Notice") of the Holder(s) of at least 51% of the Purchase
Options and/or the underlying Units and/or the underlying securities ("Majority
Holders"), agrees to register on one occasion, all or any portion of the
Purchase Options requested by the Majority Holders in the Initial Demand Notice
and all of the securities underlying such Purchase Options, including the Units,
Common Stock, the Warrants and the Common Stock underlying the Warrants
(collectively, the "Registrable Securities"). On such occasion, the Company will
file a registration statement or a post-effective amendment to the Registration
Statement covering the Registrable Securities within sixty days after receipt of
the Initial Demand Notice and use its best efforts to have such registration
statement or post-effective amendment declared effective as soon as possible
thereafter. The demand for registration may be made at any time during a period
of five years beginning on the Effective Date. The Company covenants and agrees
to give written notice of its receipt of any Initial Demand Notice by any
Holder(s) to all other registered Holders of the Purchase Options and/or the
Registrable Securities within ten days from the date of the receipt of any such
Initial Demand Notice.

                  5.1.2 Terms. The Company shall bear all fees and expenses
attendant to registering the Registrable Securities, including the expenses of
any legal counsel selected by the Holders to represent them in connection with
the sale of the Registrable Securities, but the Holders shall pay any and all
underwriting commissions. The Company agrees to use its reasonable best efforts
to qualify or register the Registrable Securities in such States as are
reasonably requested by the Majority Holder(s); provided, however, that in no
event shall the Company be required to register the Registrable Securities in a
State in which such registration would cause (i) the Company to be obligated to
qualify to do business in such State, or would subject the Company to taxation
as a foreign corporation doing business in such jurisdiction or (ii) the
principal stockholders of the Company to be obligated to escrow their shares of
capital stock of the Company. The Company shall cause any registration statement
or post-effective amendment filed pursuant to the demand rights granted under
Section 5.1.1 to remain effective

                                       4

for a period of nine consecutive months from the effective date of such
registration statement or post-effective amendment.

         5.2      "Piggy-Back" Registration.

                  5.2.1 Grant of Right. In addition to the demand right of
registration, the Holders of the Purchase Options shall have the right for a
period of seven years commencing on the Effective Date, to include the
Registrable Securities as part of any other registration of securities filed by
the Company (other than in connection with a transaction contemplated by Rule
145(a) promulgated under the Act or pursuant to Form S-8); provided, however,
that if, in the written opinion of the Company's managing underwriter or
underwriters, if any, for such offering, the inclusion of the Registrable
Securities, when added to the securities being registered by the Company or the
selling stockholder(s), will exceed the maximum amount of the Company's
securities which can be marketed (i) at a price reasonably related to their then
current market value, and (ii) without materially and adversely affecting the
entire offering, then the Company will still be required to include the
Registrable Securities, but may require the Holders to agree, in writing, to
delay the sale of all or any portion of the Registrable Securities for a period
of 90 days from the effective date of the offering, provided, further, that if
the sale of any Registrable Securities is so delayed, then the number of
securities to be sold by all stockholders in such public offering during such 90
day period shall be apportioned pro rata among all such selling stockholders,
including all holders of the Registrable Securities, according to the total
amount of securities of the Company owned by said selling stockholders,
including all holders of the Registrable Securities.

                  5.2.2 Terms. The Company shall bear all fees and expenses
attendant to registering the Registrable Securities, including the expenses of
any legal counsel selected by the Holders to represent them in connection with
the sale of the Registrable Securities but the Holders shall pay any and all
underwriting commissions related to the Registrable Securities. In the event of
such a proposed registration, the Company shall furnish the then Holders of
outstanding Registrable Securities with not less than fifteen days written
notice prior to the proposed date of filing of such registration statement. Such
notice to the Holders shall continue to be given for each applicable
registration statement filed (during the period in which the Purchase Option is
exercisable) by the Company until such time as all of the Registrable Securities
have been registered and sold. The holders of the Registrable Securities shall
exercise the "piggy-back" rights provided for herein by giving written notice,
within ten days of the receipt of the Company's notice of its intention to file
a registration statement. The Company shall cause any registration statement
filed pursuant to the above "piggyback" rights to remain effective for at least
nine months from the date that the Holders of the Registrable Securities are
first given the opportunity to sell all of such securities.

         5.3      Damages. Should the registration or the effectiveness thereof
required by Sections 5.1 and 5.2 hereof be delayed by the Company or the Company
otherwise fails to comply with such provisions, the Company shall, in addition
to any other equitable or other relief available to the Holder(s), be liable for
any and all incidental, special and consequential damages sustained by the
Holder(s), including, but not limited to, the loss of any profits that might
have been received by the holder upon the sale of shares of Common Stock or
Warrants (and shares of Common Stock underlying the Warrants) underlying this
Purchase Option.

         5.4      General Terms.

                  5.4.1 Indemnification. The Company shall indemnify the
Holder(s) of the Registrable

                                       5

Securities to be sold pursuant to any registration statement hereunder and each
person, if any, who controls such Holders within the meaning of Section 15 of
the Act or Section 20(a) of the Securities Exchange Act of 1934, as amended
("Exchange Act"), against all loss, claim, damage, expense or liability
(including all reasonable attorneys' fees and other expenses reasonably incurred
in investigating, preparing or defending against litigation, commenced or
threatened, or any claim whatsoever whether arising out of any action between
the underwriter and the Company or between the underwriter and any third party
or otherwise) to which any of them may become subject under the Act, the
Exchange Act or otherwise, arising from such registration statement but only to
the same extent and with the same effect as the provisions pursuant to which the
Company has agreed to indemnify the underwriters contained in Section 5 of the
Underwriting Agreement between the Company, EBC and the other underwriters named
therein dated the Effective Date. The Holder(s) of the Registrable Securities to
be sold pursuant to such registration statement, and their successors and
assigns, shall severally, and not jointly, indemnify the Company, its officers
and directors and each person, if any, who controls the Company within the
meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, against
all loss, claim, damage, expense or liability (including all reasonable
attorneys' fees and other expenses reasonably incurred in investigating,
preparing or defending against any claim whatsoever) to which they may become
subject under the Act, the Exchange Act or otherwise, arising from information
furnished by or on behalf of such Holders, or their successors or assigns, in
writing, for specific inclusion in such registration statement to the same
extent and with the same effect as the provisions contained in Section 5 of the
Underwriting Agreement pursuant to which the underwriters have agreed to
indemnify the Company.

                  5.4.2 Exercise of Purchase Options. Nothing contained in this
Purchase Option shall be construed as requiring the Holder(s) to exercise their
Purchase Options or Warrants underlying such Purchase Options prior to or after
the initial filing of any registration statement or the effectiveness thereof.

                  5.4.3 Documents Delivered to Holders. The Company shall
furnish EBC, as representative of the Holders participating in any of the
foregoing offerings, a signed counterpart, addressed to the participating
Holders, of (i) an opinion of counsel to the Company, dated the effective date
of such registration statement (and, if such registration includes an
underwritten public offering, an opinion dated the date of the closing under any
underwriting agreement related thereto), and (ii) a "cold comfort" letter dated
the effective date of such registration statement (and, if such registration
includes an underwritten public offering, a letter dated the date of the closing
under the underwriting agreement) signed by the independent public accountants
who have issued a report on the Company's financial statements included in such
registration statement, in each case covering substantially the same matters
with respect to such registration statement (and the prospectus included
therein) and, in the case of such accountants' letter, with respect to events
subsequent to the date of such financial statements, as are customarily covered
in opinions of issuer's counsel and in accountants' letters delivered to
underwriters in underwritten public offerings of securities. The Company shall
also deliver promptly to EBC, as representative of the Holders participating in
the offering, the correspondence and memoranda described below and copies of all
correspondence between the Commission and the Company, its counsel or auditors
and all memoranda relating to discussions with the Commission or its staff with
respect to the registration statement and permit EBC, as representative of the
Holders, to do such investigation, upon reasonable advance notice, with respect
to information contained in or omitted from the registration statement as it
deems reasonably necessary to comply with applicable securities laws or rules of
the National Association of Securities Dealers, Inc. ("NASD"). Such
investigation shall include access to books, records and properties and
opportunities to discuss the business of the Company with its officers and
independent auditors, all to such reasonable extent and at such reasonable times
and as often as EBC, as

                                       6

representative of the Holders, shall reasonably request. The Company shall not
be required to disclose any confidential information or other records to EBC, as
representative of the Holders, or to any other person, until and unless such
persons shall have entered into reasonable confidentiality agreements (in form
and substance reasonably satisfactory to the Company), with the Company with
respect thereto.

                  5.4.4 Underwriting Agreement. The Company shall enter into an
underwriting agreement with the managing underwriter(s), if any, selected by any
Holders whose Registrable Securities are being registered pursuant to this
Section 5, which managing underwriter shall be reasonably acceptable to the
Company. Such agreement shall be reasonably satisfactory in form and substance
to the Company, each Holder and such managing underwriters, and shall contain
such representations, warranties and covenants by the Company and such other
terms as are customarily contained in agreements of that type used by the
managing underwriter. The Holders shall be parties to any underwriting agreement
relating to an underwritten sale of their Registrable Securities and may, at
their option, require that any or all the representations, warranties and
covenants of the Company to or for the benefit of such underwriters shall also
be made to and for the benefit of such Holders. Such Holders shall not be
required to make any representations or warranties to or agreements with the
Company or the underwriters except as they may relate to such Holders and their
intended methods of distribution. Such Holders, however, shall agree to such
covenants and indemnification and contribution obligations for selling
stockholders as are customarily contained in agreements of that type used by the
managing underwriter. Further, such Holders shall execute appropriate custody
agreements and otherwise cooperate fully in the preparation of the registration
statement and other documents relating to any offering in which they include
securities pursuant to this Section 5. Each Holder shall also furnish to the
Company such information regarding itself, the Registrable Securities held by
it, and the intended method of disposition of such securities as shall be
reasonably required to effect the registration of the Registrable Securities.

                  5.4.5 Rule 144 Sale. Notwithstanding anything contained in
this Section 5 to the contrary, the Company shall have no obligation pursuant to
Sections 5.1 or 5.2 for the registration of Registrable Securities held by any
Holder (i) where such Holder would then be entitled to sell under Rule 144
within any three-month period (or such other period prescribed under Rule 144 as
may be provided by amendment thereof) all of the Registrable Securities then
held by such Holder, and (ii) where the number of Registrable Securities held by
such Holder is within the volume limitations under paragraph (e) of Rule 144
(calculated as if such Holder were an affiliate within the meaning of Rule 144).

                  5.4.6 Supplemental Prospectus. Each Holder agrees, that upon
receipt of any notice from the Company of the happening of any event as a result
of which the prospectus included in the Registration Statement, as then in
effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading in light of the circumstances then existing, such Holder
will immediately discontinue disposition of Registrable Securities pursuant to
the Registration Statement covering such Registrable Securities until such
Holder's receipt of the copies of a supplemental or amended prospectus, and, if
so desired by the Company, such Holder shall deliver to the Company (at the
expense of the Company) or destroy (and deliver to the Company a certificate of
such destruction) all copies, other than permanent file copies then in such
Holder's possession, of the prospectus covering such Registrable Securities
current at the time of receipt of such notice.

                                       7

6.       Adjustments.

         6.1      Adjustments to Exercise Price and Number of Securities. The
Exercise Price and the number of Units underlying the Purchase Option shall be
subject to adjustment from time to time as hereinafter set forth:

                  6.1.1 Stock Dividends - Split-Ups. If after the date hereof,
and subject to the provisions of Section 6.4 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 thereof, the number of shares of Common Stock
underlying each of the Units purchasable hereunder shall be increased in
proportion to such increase in outstanding shares. In such case, the number of
shares of Common Stock, and the exercise price applicable thereto, underlying
the Warrants underlying each of the Units purchasable hereunder shall be
adjusted in accordance with the terms of the Warrants. For example, if the
Company declares a two-for-one stock dividend and at the time of such dividend
this Purchase Option is for the purchase of one Unit at $7.50 per whole Unit
(each Warrant underlying the Units is exercisable for $5.00 per share), upon
effectiveness of the dividend, this Purchase Option will be adjusted to allow
for the purchase of one Unit at $7.50 per Unit, each Unit entitling the holder
to receive two shares of Common Stock and four Warrants (each Warrant
exercisable for $2.50 per share).

                  6.1.2 Aggregation of Shares. If after the date hereof, and
subject to the provisions of Section 6.4, the number of outstanding shares of
Common Stock is decreased by a consolidation, combination or reclassification of
shares of Common Stock or other similar event, then, on the effective date
thereof, the number of shares of Common Stock underlying each of the Units
purchasable hereunder shall be decreased in proportion to such decrease in
outstanding shares. In such case, the number of shares of Common Stock, and the
exercise price applicable thereto, underlying the Warrants underlying each of
the Units purchasable hereunder shall be adjusted in accordance with the terms
of the Warrants.

                  6.1.3 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 6.1.1 or 6.1.2 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 property of the Company as an
entirety or substantially as an entirety in connection with which the Company is
dissolved, the Holder of this Purchase Option shall have the right thereafter
(until the expiration of the right of exercise of this Purchase Option) to
receive upon the exercise hereof, for the same aggregate Exercise Price payable
hereunder immediately prior to such event, the kind and amount of shares of
stock or other securities or property (including cash) receivable upon such
reclassification, reorganization, merger or consolidation, or upon a dissolution
following any such sale or transfer, by a Holder of the number of shares of
Common Stock of the Company obtainable upon exercise of this Purchase Option and
the underlying Warrants immediately prior to such event; and if any
reclassification also results in a change in shares of Common Stock covered by
Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections
6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall
similarly apply to successive reclassifications, reorganizations, mergers or
consolidations, sales or other transfers.

                                       8

                  6.1.4 Changes in Form of Purchase Option. This form of
Purchase Option need not be changed because of any change pursuant to this
Section, and Purchase Options issued after such change may state the same
Exercise Price and the same number of Units as are stated in the Purchase
Options initially issued pursuant to this Agreement. The acceptance by any
Holder of the issuance of new Purchase Options reflecting a required or
permissive change shall not be deemed to waive any rights to an adjustment
occurring after the Commencement Date or the computation thereof.

         6.2      [Intentionally Omitted]

         6.3      Substitute Purchase Option. In case of any consolidation of
the Company with, or merger of the Company with, or merger of the Company into,
another corporation (other than a consolidation or merger which does not result
in any reclassification or change of the outstanding Common Stock), the
corporation formed by such consolidation or merger shall execute and deliver to
the Holder a supplemental Purchase Option providing that the holder of each
Purchase Option then outstanding or to be outstanding shall have the right
thereafter (until the stated expiration of such Purchase Option) to receive,
upon exercise of such Purchase Option, the kind and amount of shares of stock
and other securities and property receivable upon such consolidation or merger,
by a holder of the number of shares of Common Stock of the Company for which
such Purchase Option might have been exercised immediately prior to such
consolidation, merger, sale or transfer. Such supplemental Purchase Option shall
provide for adjustments which shall be identical to the adjustments provided in
Section 6. The above provision of this Section shall similarly apply to
successive consolidations or mergers.

         6.4 Elimination of Fractional Interests. The Company shall not be
required to issue certificates representing fractions of shares of Common Stock
or Warrants upon the exercise of the Purchase Option, nor shall it be required
to issue scrip or pay cash in lieu of any fractional interests, it being the
intent of the parties that all fractional interests shall be eliminated by
rounding any fraction up to the nearest whole number of Warrants, shares of
Common Stock or other securities, properties or rights.

7.       Reservation and Listing. The Company shall at all times reserve and
keep available out of its authorized shares of Common Stock, solely for the
purpose of issuance upon exercise of the Purchase Options or the Warrants
underlying the Purchase Option, such number of shares of Common Stock or other
securities, properties or rights as shall be issuable upon the exercise thereof.
The Company covenants and agrees that, upon exercise of the Purchase Options and
payment of the Exercise Price therefor, all shares of Common Stock and other
securities issuable upon such exercise shall be duly and validly issued, fully
paid and non-assessable and not subject to preemptive rights of any stockholder.
The Company further covenants and agrees that upon exercise of the Warrants
underlying the Purchase Options and payment of the respective Warrant exercise
price therefor, all shares of Common Stock and other securities issuable upon
such exercise shall be duly and validly issued, fully paid and non-assessable
and not subject to preemptive rights of any stockholder. As long as the Purchase
Options shall be outstanding, the Company shall use its best efforts to cause
all (i) Units and shares of Common Stock issuable upon exercise of the Purchase
Options, (iii) Warrants issuable upon exercise of the Purchase Options and (iv)
shares of Common Stock issuable upon exercise of the Warrants included in the
Units issuable upon exercise of the Purchase Option to be listed (subject to
official notice of issuance) on all securities exchanges (or, if applicable on
the Nasdaq National Market, SmallCap Market, OTC Bulletin Board or any successor
trading market) on which the Units, the Common Stock or the Public Warrants
issued to the public in connection herewith may then be listed and/or quoted.

                                       9

8.       Certain Notice Requirements.

         8.1      Holder's Right to Receive Notice. Nothing herein shall be
construed as conferring upon the Holders the right to vote or consent as a
stockholder for the election of directors or any other matter, or as having any
rights whatsoever as a stockholder of the Company. If, however, at any time
prior to the expiration of the Purchase Options and their exercise, any of the
events described in Section 8.2 shall occur, then, in one or more of said
events, the Company shall give written notice of such event at least fifteen
days prior to the date fixed as a record date or the date of closing the
transfer books for the determination of the stockholders entitled to such
dividend, distribution, conversion or exchange of securities or subscription
rights, or entitled to vote on such proposed dissolution, liquidation, winding
up or sale. Such notice shall specify such record date or the date of the
closing of the transfer books, as the case may be. Notwithstanding the
foregoing, the Company shall deliver to each Holder a copy of each notice given
to the other stockholders of the Company at the same time and in the same manner
that such notice is given to the stockholders.

         8.2      Events Requiring Notice. The Company shall be required to give
the notice described in this Section 8 upon one or more of the following events:
(i) if the Company shall take a record of the holders of its shares of Common
Stock for the purpose of entitling them to receive a dividend or distribution
payable otherwise than in cash, or a cash dividend or distribution payable
otherwise than out of retained earnings, as indicated by the accounting
treatment of such dividend or distribution on the books of the Company, or (ii)
the Company shall offer to all the holders of its Common Stock any additional
shares of capital stock of the Company or securities convertible into or
exchangeable for shares of capital stock of the Company, or any option, right or
warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up
of the Company (other than in connection with a consolidation or merger) or a
sale of all or substantially all of its property, assets and business shall be
proposed.

         8.3      Notice of Change in Exercise Price. The Company shall,
promptly after an event requiring a change in the Exercise Price pursuant to
Section 6 hereof, send notice to the Holders of such event and change ("Price
Notice"). The Price Notice shall describe the event causing the change and the
method of calculating same and shall be certified as being true and accurate by
the Company's President and Chief Financial Officer.

         8.4      Transmittal of Notices. All notices, requests, consents and
other communications under this Purchase Option shall be in writing and shall be
deemed to have been duly made when hand delivered, or mailed by express mail or
private courier service: (i) If to the registered Holder of the Purchase Option,
to the address of such Holder as shown on the books of the Company, or (ii) if
to the Company, to the following address or to such other address as the Company
may designate by notice to the Holders:

                       Terra Nova Acquisition Corporation
                       2 Bloor Street West
                       Suite 3400
                       Toronto, Ontario, Canada M4W 3E2
                       Attn: Vahan Kololian, Chairman

                                       10

9.       Miscellaneous.

         9.1      Amendments. The Company and EBC may from time to time
supplement or amend this Purchase Option without the approval of any of the
Holders in order to cure any ambiguity, to correct or supplement any provision
contained herein that may be defective or inconsistent with any other provisions
herein, or to make any other provisions in regard to matters or questions
arising hereunder that the Company and EBC may deem necessary or desirable and
that the Company and EBC deem shall not adversely affect the interest of the
Holders. All other modifications or amendments shall require the written consent
of and be signed by the party against whom enforcement of the modification or
amendment is sought.

         9.2      Headings. The headings contained herein are for the sole
purpose of convenience of reference, and shall not in any way limit or affect
the meaning or interpretation of any of the terms or provisions of this Purchase
Option.

10.      Entire Agreement. This Purchase Option (together with the other
agreements and documents being delivered pursuant to or in connection with this
Purchase Option) constitutes the entire agreement of the parties hereto with
respect to the subject matter hereof, and supersedes all prior agreements and
understandings of the parties, oral and written, with respect to the subject
matter hereof.

         10.1     Binding Effect. This Purchase Option shall inure solely to the
benefit of and shall be binding upon, the Holder and the Company and their
permitted assignees, respective successors, legal representative and assigns,
and no other person shall have or be construed to have any legal or equitable
right, remedy or claim under or in respect of or by virtue of this Purchase
Option or any provisions herein contained.

         10.2     Governing Law; Submission to Jurisdiction. This Purchase
Option shall be governed by and construed and enforced in accordance with 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 Purchase Option shall be brought and
enforced in the courts of the State of New York or of the United States of
America 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
inconvenient forum. Any 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 8 hereof. Such mailing shall be deemed personal service and shall be
legal and binding upon the Company in any action, proceeding or claim. The
Company and the Holder agree that the prevailing party(ies) in any such action
shall be entitled to recover from the other party(ies) all of its reasonable
attorneys' fees and expenses relating to such action or proceeding and/or
incurred in connection with the preparation therefor.

         10.3     Waiver, Etc. The failure of the Company or the Holder to at
any time enforce any of the provisions of this Purchase Option shall not be
deemed or construed to be a waiver of any such provision, nor to in any way
affect the validity of this Purchase Option or any provision hereof or the right
of the Company or any Holder to thereafter enforce each and every provision of
this Purchase Option. No waiver of any breach, non-compliance or non-fulfillment
of any of the provisions of this Purchase Option shall be effective unless set
forth in a written instrument executed by the party or parties against whom or
which enforcement of such waiver is sought; and no waiver of any such breach,
non-compliance or non-

                                       11

fulfillment shall be construed or deemed to be a waiver of any other or
subsequent breach, non-compliance or non-fulfillment.

         10.4     Execution in Counterparts. This Purchase Option may be
executed in one or more counterparts, and by the different parties hereto in
separate counterparts, each of which shall be deemed to be an original, but all
of which taken together shall constitute one and the same agreement, and shall
become effective when one or more counterparts has been signed by each of the
parties hereto and delivered to each of the other parties hereto.

         10.5     Exchange Agreement. As a condition of the Holder's receipt and
acceptance of this Purchase Option, Holder agrees that, at any time prior to the
complete exercise of this Purchase Option by Holder, if the Company and EBC
enter into an agreement ("Exchange Agreement") pursuant to which they agree that
all outstanding Purchase Options will be exchanged for securities or cash or a
combination of both, then Holder shall agree to such exchange and become a party
to the Exchange Agreement.

         10.6     Underlying Warrants. At any time after exercise by the Holder
of this Purchase Option, the Holder may exchange his Warrants (with a $6.65
exercise price) for Public Warrants (with a $5.00 exercise price) upon payment
to the Company of the difference between the exercise price of his Warrant and
the exercise price of the Public Warrants.

                                       12

         IN WITNESS WHEREOF, the Company has caused this Purchase Option to be
signed by its duly authorized officer as of the ____ day of __________, 2005.

                                    TERRA NOVA ACQUISITION CORPORATION

                                    By:
                                       ---------------------------------
                                       Name:  Vahan Kololian
                                       Title: Chairman of the Board

                                       13

Form to be used to exercise Purchase Option:

Terra Nova Acquisition Corporation
2 Bloor Street West
Suite 3400
Toronto, Ontario, Canada M4W 3E2

Date:                 , 200
     -----------------     --

         The undersigned hereby elects irrevocably to exercise all or a portion
of the within Purchase Option and to purchase ____ Units of Terra Nova
Acquisition Corporation and hereby makes payment of $____________ (at the rate
of $_________ per Unit) in payment of the Exercise Price pursuant thereto.
Please issue the Common Stock and Warrants as to which this Purchase Option is
exercised in accordance with the instructions given below.

                                       or

         The undersigned hereby elects irrevocably to convert its right
to purchase _________ Units purchasable under the within Purchase Option by
surrender of the unexercised portion of the attached Purchase Option (with a
"Value" based of $_______ based on a "Market Price" of $_______). Please issue
the securities comprising the Units as to which this Purchase Option is
exercised in accordance with the instructions given below.

                                              ------------------------------
                                              Signature

                                              ------------------------------
                                              Signature Guaranteed

                   INSTRUCTIONS FOR REGISTRATION OF SECURITIES

Name
    -------------------------------------------------------------
                                    (Print in Block Letters)

Address
       ----------------------------------------------------------

         NOTICE: THE SIGNATURE TO THIS FORM MUST CORRESPOND WITH THE NAME AS
WRITTEN UPON THE FACE OF THE WITHIN PURCHASE OPTION IN EVERY PARTICULAR WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A
BANK, OTHER THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR BY A FIRM HAVING
MEMBERSHIP ON A REGISTERED NATIONAL SECURITIES EXCHANGE.

                                       14

Form to be used to assign Purchase Option:

                                            ASSIGNMENT

         (To be executed by the registered Holder to effect a transfer of the
within Purchase Option):

         FOR VALUE RECEIVED,______________________________________________ does
hereby sell, assign and transfer
unto________________________________________________ the right to purchase
__________ Units of Terra Nova Acquisition Corporation ("Company") evidenced by
the within Purchase Option and does hereby authorize the Company to transfer
such right on the books of the Company.

Dated:                   , 200
      -------------------     --

                                                  ------------------------------
                                                  Signature

                                                  ------------------------------
                                                  Signature Guaranteed

         NOTICE: THE SIGNATURE TO THIS FORM MUST CORRESPOND WITH THE NAME AS
WRITTEN UPON THE FACE OF THE WITHIN PURCHASE OPTION IN EVERY PARTICULAR WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A
BANK, OTHER THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR BY A FIRM HAVING
MEMBERSHIP ON A REGISTERED NATIONAL SECURITIES EXCHANGE.

                                       15

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