Document:

Letter Agreement, dated as of December 31, 2007

 Exhibit 10.10 
 EXECUTION COPY 
 LETTER AGREEMENT 
 December 31, 2007 
 Ladies and Gentlemen: 
 This Letter Agreement (this “Agreement”) is entered into as of the date hereof by and among the parties named on Exhibit A hereto (the “Transaction Parties”). The Transaction
Parties have entered into various documents for the purpose of effectuating a series of interrelated transactions and wish to enter into this Agreement in order to address certain matters relating thereto. For the purposes of this Agreement, the
term “Transaction Documents” shall have the meaning given to it on Exhibit B hereto, the term “Transactions” shall be defined as the transactions contemplated by the Transaction Documents, and the term
“Closing” shall be defined as the time at which all of the Transactions have been consummated, which is currently contemplated by the Transaction Parties to be the time when a Registration Statement of ForeFront BVI Ltd., a company
incorporated under the laws of the British Virgin Islands (“ForeFront BVI”), relating to the Transactions is declared effective by the Securities and Exchange Commission (“SEC”). For the purposes hereof,
“Registration Statement” shall mean the registration statement on Form F-4 promulgated by the SEC to be filed by ForeFront BVI to register its securities; provided, that ForeFront BVI qualifies under the Securities Act of 1934, as
amended (“1934 Act”), to file such statement, and if ForeFront BVI fails to qualify to file the Form F-4 under the 1934 Act, the term “Registration Statement” shall mean the registration statement on Form S-4 promulgated
by the SEC. Except as otherwise expressly defined in this Agreement (including the exhibits hereto), capitalized terms used but not defined herein shall have the meanings given to them in the Transaction Documents. 
 Each of the Transaction Parties hereby agree as follows: 
  

	1.	Notwithstanding anything to the contrary contained in any of the Transaction Documents, except for such Transactions expressly required by the terms of any Transaction Document to
be completed prior to the Closing, it is acknowledged and agreed that (a) the Transactions are intended to occur and be consummated simultaneously, and (b) the Transactions are interrelated and hereby expressly made cross-conditional such
that no Transaction Party shall be required to consummate any Transaction contemplated by any Transaction Document unless and until all of the Transactions are prepared to be consummated in accordance with the Transaction Documents and all of the
closing conditions relating thereto have been satisfied. 

  

	2.	Notwithstanding anything to the contrary contained in any of the Transaction Documents, no Transaction Party may amend, modify, waive or otherwise alter the terms of any Transaction
Document without the prior written consent of all of the other Transaction Parties. Without limiting the generality of the foregoing, no Transaction Party may waive any closing condition in any Transaction Document without the prior written consent
of all of the Transaction Parties. 

	3.	Notwithstanding anything to the contrary contained in any of the Transaction Documents, in the event that any Transaction Party terminates any Transaction Document in accordance
with the terms thereof, any other Transaction Party shall thereafter have the right to terminate any Transaction Document to which it is a party by giving written notice thereof to the counterparties thereto. 

  

	4.	The Transaction Parties acknowledge and agree that they are entering into the Transaction Documents to which each of them is a party in reliance on each of the other Transaction
Documents. Accordingly, each Transaction Party hereby covenants and agrees to promptly and fully enforce its rights under each Transaction Document. 

  

	5.	During the period between the execution of this Agreement and the earlier of the (i) closing of the transactions contemplated by the Hisense Agreements (defined below) or
(ii) termination of the Hisense Agreements, the Hisense Entities shall provide (and shall cause their subsidiaries and affiliates, as applicable, to provide) to ForeFront Holdings, SIBL and the respective officers and legal counsel, sources,
agents and other advisers and representatives of ForeFront Holdings and SIBL (collectively, “Representatives”), (a) access, during normal business hours and upon reasonable notice by SIBL or ForeFront Holdings, to the officers,
employees, agents, properties, offices, facilities and books and records of the Hisense Entities and their subsidiaries and affiliates, as applicable, and (b) furnish reasonably promptly to SIBL or ForeFront Holdings copies of the documents in
each Hisense Entity’s custody, possession or control of the types set forth on Exhibit C attached hereto, and such other types of documents as ForeFront Holdings, SIBL or their respective Representatives may reasonably request; provided,
however, that none of the Hisense Entities shall be required to provide any such access, documentation or any other information pursuant to this Section 5 to the extent (A) such access, documentation or other information is not related to
the entities and/or assets to be owned and operated directly and indirectly by ForeFront BVI Ltd. upon consummation of the Transactions (the “Hisense Businesses”), or (B) such request relates to documentation or other
information previously provided to SIBL or ForeFront Holdings. In the event that the information provided in response to these inquiries demonstrates that the combined operations of Hisense OE, Ligent US and the STB Division, taken as a whole, are
subject to material and adverse conditions that fundamentally diminish their value, then SIBL and ForeFront Holdings shall severally have the right to terminate all (but not less than all) of the following agreements (collectively, the
“Hisense Agreements”) on or before thirty (30) days from the date hereof: 

  

	 	a.	that certain Share Exchange Agreement (“ForeFront/Hisense Share Exchange Agreement”) by and among ForeFront BVI, ForeFront Holdings, Hisense Co. Ltd.
(“Hisense Group”), Qingdao Hisense Electronic Holding Ltd. (“HEH”) and Ligent Photonics, Inc. (“Ligent US”); 

  

	 	b.	that certain Merger Agreement (“ForeFront/Ligent Merger Agreement”) by and among ForeFront BVI, ForeFront Holdings and Ligent BVI relating to the acquisition of
Hisense Optoelectronic Technologies Co. (“Hisense OE”); 

  

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	 	c.	that certain Framework Agreement (“ForeFront/Hisense Framework Agreement”) by and between Qingdao Hisense Electric Ltd. (“Hisense Electric” and,
together with Hisense Group, Ligent BVI, Ligent US, HEH and Hisense OE, collectively, the “Hisense Entities”), ForeFront BVI and ForeFront Holdings; and 

  

	 	d.	that certain Stock Purchase Agreement, by and among Stanford Venture Capital Holdings, Inc. (“SVCH”), Stanford International Bank Ltd. (“SIBL” and,
together with SVCH, “Stanford”), ForeFront BVI, ForeFront Holdings, ForeFront Group, Inc., ForeFront Multimedia LLC and Miller Golf Company. 

  

	6.	The obligation of ForeFront BVI to consummate the transactions to be performed by it in connection with the closing (“Closing”) of the ForeFront/Hisense Share Exchange
Agreement, the ForeFront/Ligent Merger Agreement and the ForeFront/Hisense Framework Agreement is subject to satisfaction of the following conditions: (i) there shall not have occurred a Material Adverse Change during the period from the date
of this Agreement and the Closing, (ii) each of Hisense Electric, Ligent US, and Hisense OE shall have delivered to ForeFront BVI, at or prior to the Closing, a copy of its audited balance sheets and statements of income, changes in
members’ equity, and cash flow as of and for the fiscal years ended December 31, 2006 and December 31, 2007, respectively, (iii) the audited balance sheet for Ligent US dated as of December 31, 2007 shall not reflect a
financial condition that is materially worse than that which is reflected in the unaudited balance sheet of Ligent US dated as of November 30, 2007, (iv) the audited balance sheet of Hisense OE dated as of December 31, 2007 shall not
reflect a financial condition that is materially worse than that which is reflected in the unaudited balance sheet of Hisense OE dated as of November 30, 2007, (v) the audited income statements for the STB Division, Ligent US and Hisense
OE for the year ending December 31, 2007 shall not reflect results of operations, on the whole, that are materially worse than that which are reflected in the unaudited income statements for the STB Division, Ligent US and Hisense OE for the
eleven month period ended November 30, 2007, (vi) the capitalization of Forefront Holdings immediately before the Closing and the capitalization of ForeFront BVI immediately after the Closing shall be as set forth on Exhibit E.

 For purposes of this Agreement, “Material Adverse Change” means a change that, individually or in the
aggregate, is materially adverse to the assets, financial condition or operating results of the STB Division, Hisense OE and Ligent US, taken as a whole; provided, however, that the following shall not be deemed a
Material Adverse Change: any adverse change, event, development, or effect arising from or relating to (a) general business or economic conditions in the United States or the People’s Republic of China (“PRC”),
(b) national or international political or social conditions, including the engagement by the United States or PRC in hostilities, whether or not pursuant to the declaration of a national emergency or war, or the occurrence of any
military or terrorist attack upon the United States or PRC, or any of its territories, possessions, or diplomatic or consular offices or upon any military installation, equipment or personnel of the United States or PRC, (c) financial, banking,
or securities markets, (d) changes in United States generally accepted accounting principles or international financial reporting standards, (e) changes in laws, rules, regulations, orders, or other binding directives issued by any
governmental entity, and (f) the taking of any action contemplated by the Transaction Documents. 
  

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	7.	The obligations of the Hisense Entities to consummate the Transactions shall be conditioned upon the following: (i) the consolidated balance sheet of ForeFront Holdings
immediately prior to the Closing shall reflect $0 assets and $0 liabilities, (ii) the consolidated statements of operations of ForeFront BVI shall reflect the historical operations of ForeFront Holdings as discontinued operations and
(iii) the pro forma consolidated statements of operations shall eliminate the results of operations of ForeFront Holdings in accordance with applicable rules of the U.S. Securities and Exchange Commission. 

  

	8.	Immediately following the consummation of the Transactions, each of the following Transaction Parties shall have the ownership percentage in ForeFront BVI indicated below, which
shall constitute the sole issued and outstanding capital stock in ForeFront BVI as of such time: 

  

	 	a.	Stanford and the current shareholders in ForeFront Holdings: 20% 

  

	 	b.	The shareholders of Ligent BVI: 26.67% 

  

	 	c.	HEH: 13.33% 

  

	 	d.	Hisense Group: 13.34% 

  

	 	e.	Hisense Electric: 26.66% 

 The actual capitalization of
ForeFront BVI immediately after the Closing is set forth on Exhibit E in tabular form. 
  

	9.	Prior to the Closing, Ligent US and Hisense OE may borrow funds on commercially reasonable terms from Hisense Group or other third parties for the sole purpose of funding the
operations of Ligent US, the STB Division and Hisense OE, in an aggregate amount not to exceed US $9,000,000 (the “Hisense Loans”). Ligent US and Hisense OE agree to provide written notice to Stanford and ForeFront Holdings of any
loans made to either entity by Hisense Group or a third party and the general use of proceeds thereof. During the period commencing upon the closing of the first Hisense Loan and ending on the Closing Date, neither Ligent US nor Hisense OE will
declare, set aside, or pay any dividend or make any distribution with respect to its capital stock. The Transaction Parties acknowledge and agree that ForeFront BVI is not assuming any liabilities or obligations of Hisense Electric under the
ForeFront/Hisense Framework Agreement other than the Assumed Liabilities (as such term is defined in the ForeFront/Hisense Framework Agreement). 

  

	10.	 Prior to the consummation of the Transactions, all monies required to be invested by SIBL in BMS pursuant to the Common Stock Purchase Agreement (the “BMS
Monies”) shall be deposited by SIBL in the attorney trust account of Carlton Fields, P.A. 

  

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(the “CF Trust Account”). Notwithstanding anything to the contrary set forth in the Transaction Documents, Carlton Fields, P.A. shall be
authorized to make disbursements of the BMS Monies as follows: (a) disbursements for legal expenses of Carlton Fields, P.A., and auditors relating to the Transactions, (b) up to $2.0 million which may be loaned to Ligent BVI pursuant to
the terms of the Credit Agreement, (c) the payment of Placement Fee to Stanford Group Company as required under the terms of the Common Stock Purchase Agreement, and (d) after the closing of the Transactions, the repayment of the Hisense
Loans. 

  

	11.	SVCH and ForeFront Holdings agree that, effective upon the closing of the Transactions, that certain Registration Rights Agreement, dated as of November 30, 2005, as amended,
by and among the parties thereto, shall automatically be terminated and that the parties thereto shall thereafter be automatically released from any and all claims or other liabilities related thereto. 

  

	12.	At the Closing, in addition to and not in lieu of any other consideration due to HEH, Hisense Group, Hisense Electric and the shareholders of Ligent BVI (the
“Recipients”), the Recipients will receive pursuant to this Agreement and the Transaction Documents, as applicable, an aggregate number of 1,628,062 warrants exercisable at a price of $4.93 per share, as adjusted, of like tenor to the
warrants issuable under the Common Stock Purchase Agreement to the persons and in the amounts to be set forth in a list to be furnished by Hisense Group to Forefront BVI no later than five business days prior to the Closing Date (the “Warrant
List”). 

 At the direction of Hisense Group, the total number of such warrants may be reduced below 1,628,062 and the
number of shares issuable under the Forefront BVI Employee Stock Option Plan (as defined in the Common Stock Purchase Agreement) shall be increased by the difference between 1,628,062 and the amount set forth on the Warrant List. The exercise price
of any shares that would have been issuable to the persons in the Warrant List but were instead added to the shares issuable under the Forefront BVI Employee Stock Option Plan shall be the greater of (x) the fair market value on the date of
grant or (y) $4.93. 
 For the avoidance of doubt, the total amount of options issuable under the Forefront BVI Employee Stock Option
Plan, excluding the impact of the potential addition of any of the 1,628,062 warrants set forth on the Warrant List pursuant to the preceding paragraph, shall be 1,200,000 (plus any unexercised warrants outstanding under the ForeFront Holdings’
Employee Stock Option Plan) with an exercise price equal to the fair market value of the shares at the time of grant. 
  

	13.	At or prior to Closing, Hisense Electric shall execute and deliver to Forefront BVI the license agreement attached hereto as Exhibit D. 

  

	14.	This Agreement shall be construed in accordance with the laws of the State of Florida, without regard to conflict of laws principles thereof. 

  

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	15.	The parties agree to cause the Memorandum and Articles of Association of ForeFront BVI to remain in the form of attached Exhibit F through the Closing.

  

	16.	The parties hereto acknowledge that as part of overall internal structuring of Hisense OE, Ligent US and the STB Division for the calendar year 2008, prior to the Closing, and as
early as January 1, 2008, the critical elements of the business of the STB Division may be migrated into Hisense OE. Specifically, (a) the employees of the STB Division might be transferred to Hisense OE, (b) the name “Hisense
Optoelectronics” may be changed to “Hisense Broadband Multimedia Systems (China)”, (c) the name “Ligent Photonics” may be changed to “Hisense Broadband Multimedia Systems (US)” and (d) new contracts
entered into by the STB Division may be entered into in the name of Hisense OE or Hisense Broadband Multimedia Systems (China) ((a)-(d) collectively, the “Migration”). The parties hereto acknowledge and agree that none of
Ligent BVI, HEH, Hisense Group or Hisense Electric shall be obligated in any way to cause the Migration to take place prior to Closing and that the failure of the Migration, or any part thereof, to take place, shall not constitute a breach of any
obligation by Ligent BVI, HEH, Hisense Group or Hisense Electric. 

  

	17.	In the event of any conflict between the terms of the Transaction Documents and the terms of this Agreement, the terms of this Agreement shall prevail. Except as expressly provided
herein, the terms of the Agreement shall remain in full force and effect. 

  

	18.	No provision of this Agreement may be modified, waived or amended except in writing signed by all of the parties hereto. 

  

	19.	This Agreement may be executed by facsimile and in counterparts, each of which shall constitute an original and all of which, when taken together, shall constitute one agreement.

 [SIGNATURES APPEAR BELOW] 
  

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 IN WITNESS WHEREOF, the parties below have executed or caused this Agreement to be executed,
intending to be fully bound by the terms hereof, as of the day and year first above written. 
  

			
	STANFORD VENTURE CAPITAL HOLDINGS, INC.
		
	By:	 	 /s/ James M. Davis

	Name:	 	James M. Davis
	Title:	 	President and Director
	
	STANFORD INTERNATIONAL BANK LTD.
		
	By:	 	 /s/ James M. Davis

	Name:	 	James M. Davis
	Title:	 	Chief Financial Officer
	
	FOREFRONT HOLDINGS, INC.
		
	By:	 	 /s/ Richard M. Gozia

	Name:	 	Richard M. Gozia
	Title:	 	Interim Chief Executive Officer
	
	FOREFRONT GROUP, INC.
		
	By:	 	 /s/ Richard M. Gozia

	Name:	 	Richard M. Gozia
	Title:	 	Chairman of the Board and Executive Vice President
	
	FOREFRONT BVI LTD.
		
	By:	 	 /s/ Richard M. Gozia

	Name:	 	Richard M. Gozia
	Title:	 	Interim Chief Executive Officer

  

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	FOREFRONT MULTIMEDIA, LLC
		
	By:	 	 /s/ Richard M. Gozia

	Name:	 	Richard M. Gozia
	Title:	 	President
	
	MILLER GOLF COMPANY
		
	By:	 	 /s/ Richard M. Gozia

	Name:	 	Richard M. Gozia
	Title:	 	President
	
	BROADBAND MULTIMEDIA SYSTEMS, LTD.
		
	By:	 	  

	Name:	 	Wei-Ping Huang
	Title:	 	President
	
	LIGENT INTERNATIONAL, INC.
		
	By:	 	 /s/ Wei-Ping Huang

	Name:	 	Wei-Ping Huang
	Title:	 	
	
	LIGENT PHOTONICS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

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	HISENSE CO. LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	QINGDAO HISENSE ELECTRONIC HOLDING LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	QINGDAO HISENSE ELECTRIC LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	HISENSE OPTOELECTRONIC TECHNOLOGIES CO.
		
	By:	 	 /s/ Wei-Ping Huang

	Name:	 	Wei-Ping Huang
	Title:	 	

  

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 EXHIBIT A 
 Transaction Parties 
 Stanford Venture Capital Holdings, Inc. 
 Stanford International Bank Ltd. 
 ForeFront Holdings, Inc. 
 ForeFront Group, Inc. 
 ForeFront BVI Ltd. 
 ForeFront Multimedia, LLC 
 Miller Golf Company 
 Broadband Multimedia Systems, Ltd. 
 Ligent International, Inc. 
 Ligent Photonics, Inc. 
 Hisense Co. Ltd. 
 Qingdao Hisense Electronic Holding Ltd. 
 Qingdao Hisense Electric Ltd.

 Hisense Optoelectronic Technologies Co. 
  

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 EXHIBIT B 
 Transaction Documents 
 For the purposes of this Agreement, the term “Transaction
Documents” shall refer collectively to all of the following documents, and the term “Transaction Document” shall refer individually to any of the following documents: 
 1. that certain Unanimous Written Consent of the Board of Directors of ForeFront Holdings, Inc. (“ForeFront Holdings”) approving, among
other things, the Plan of Reorganization of ForeFront Holdings; 
 2. that certain Stock Purchase Agreement, by and among SVCH, SIBL,
ForeFront BVI Ltd. (“ForeFront BVI”), ForeFront Holdings, ForeFront Group, Inc., ForeFront Multimedia LLC and Miller Golf Company; 
 3. that certain Common Stock Purchase Agreement by and between Broadband Multimedia Systems, Ltd. (“BMS”) and SIBL (the “Common Stock Purchase Agreement”); 
 4. that certain Agreement and Plan of Merger between ForeFront BVI, BMS and SIBL; 
 5. that certain Credit Agreement by and between Ligent International, Inc. (“Ligent BVI”) and BMS (the “Credit
Agreement”); 
 6. that certain Share Exchange Agreement by and among ForeFront BVI, ForeFront Holdings, Hisense Group, HEH and
Ligent US; 
 7. that certain Merger Agreement by and among ForeFront BVI, ForeFront Holdings, Ligent BVI and Hisense Group; 
 8. that certain Framework Agreement by and among Hisense Electric, ForeFront BVI and ForeFront Holdings; 
 9. that certain Indemnification Agreement by and between SIBL and ForeFront BVI; 
 10. that certain Shareholders Agreement of BMS with Hisense Group, HEH, Hisense Electric and SIBL; 
 11. that certain Escrow Agreement by and among Carlton Fields, P.A., ForeFront BVI, ForeFront Holdings, Ligent US, Ligent BVI, Hisense Group, SVCH, SIBL,
BMS, HEH, Hisense Electric and Hisense OE; and 
 12. those certain Articles of Merger, whereby ForeFront Holdings will merge with and into
ForeFront BVI. 
  

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 EXHIBIT C 
 Due Diligence Request List 
  

 12 

 EXHIBIT D 
 “Hisense” Trademark License Agreement 
  

 13 

 EXHIBIT E 
 ForeFront Holdings and ForeFront BVI 
 Capitalization Table 
  

 14 

 EXHIBIT F 
 Memorandum and Articles of Association of 
 ForeFront BVI 
  

 15Form of Warrant

 Exhibit 10.11 
 FORM OF WARRANT 
 NEITHER THIS WARRANT NOR THE WARRANT STOCK (AS HEREINAFTER DEFINED) HAVE BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE. THIS WARRANT AND THE WARRANT STOCK MAY BE TRANSFERRED ONLY IN COMPLIANCE WITH THE ACT AND SUCH LAWS. THIS LEGEND SHALL BE ENDORSED UPON ANY WARRANT
ISSUED IN EXCHANGE FOR THIS WARRANT. 
 THIS WARRANT IS SUBJECT TO THE TERMS OF THE SECURITIES PURCHASE AGREEMENT, DATED AS OF DECEMBER 31, 2007
BETWEEN THE COMPANY AND STANFORD INTERNATIONAL BANK LTD., A COPY OF WHICH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICES OF THE COMPANY, AND ANY TRANSFERS AND TRANSFEREES OF THIS WARRANT AND THE WARRANT STOCK ARE SUBJECT TO THE TERMS AND CONDITIONS
OF SUCH AGREEMENT 
 Warrant No. A-             
 WARRANT 
 For the Purchase of Common
Stock of 
 BROADBAND MULTIMEDIA SYSTEMS, LTD. 
 a company organized under the laws of the British Virgin Islands 
 VOID AFTER 5:00 P.M.,
EASTERN STANDARD TIME, ON                     , 2012. 
  

			
	             Shares	 	                         ,
2007

 FOR VALUE RECEIVED, BROADBAND MULTIMEDIA
SYSTEMS, LTD., a company organized under the laws of the British Virgin Islands (the “Company”), hereby certifies that
                                        
(the “Holder”), is entitled, subject to the provisions of this Warrant, to purchase from the Company              shares of common stock (the
“Common Shares”), par value $0.001 per share (“Common Stock”), of the Company at an exercise price per Common Share equal to
$             per Common Share (the “Exercise Price”), during the period commencing on the date hereof and expiring at 5:00 P.M., Eastern Standard
time, on the fifth (5th) anniversary thereof. 
 The number of Common Shares to be received upon the exercise of this Warrant may be adjusted from time to time as hereinafter set forth. The Common Shares deliverable upon such exercise, or the entitlement thereto
upon such exercise, and as adjusted from time to time, are hereinafter sometimes referred to as “Warrant Stock.” The Warrants issued on the same date hereof bearing the same terms and conditions as this Warrant shall
be collectively referred to as the “Warrants”. 

 The Holder agrees with the Company that this Warrant is issued, and all the rights hereunder shall be
held subject to, all of the conditions, limitations and provisions set forth herein. 
  

	 	1.	EXERCISE OF WARRANT 

 (a) By Payment of Cash. This Warrant may be exercised by its presentation and surrender to the Company at its principal office (or such office or agency of the Company as it may designate in writing to the
Holder hereof), commencing on                     , 2007 (“Date of Issuance”) and expiring at 5:00 P.M.,
Eastern Standard time, on the fifth (5th) anniversary thereof, with the Warrant Exercise Form attached hereto duly executed and accompanied by payment
(either in cash or by certified or official bank check or by wire transfer, payable to the order of the Company) of the Exercise Price for the number of shares specified in such Form. 
 The Company agrees that the Holder hereof shall be deemed the record owner of such Common Shares as of the close of business on the date on which this
Warrant shall have been presented and payment made for such Common Shares as aforesaid whether or not the Company or its transfer agent is open for business. Certificates for the Common Shares so purchased shall be delivered to the Holder hereof
within a reasonable time, not exceeding 15 days, after the rights represented by this Warrant shall have been so exercised. If this Warrant should be exercised in part only, the Company shall, upon surrender of this Warrant for cancellation, execute
and deliver a new Warrant evidencing the rights of the Holder hereof to purchase the balance of the shares purchasable hereunder as soon as reasonably possible. 
 (b) Cashless Exercise. In lieu of the payment method set forth in Section 1(a) above, the Holder may elect to exchange all or some of this Warrant for the Common Shares equal to the value of the amount of
this Warrant being exchanged on the date of exchange. If the Holder elects to exchange this Warrant as provided in this Section 1(b), the Holder shall tender to the Company this Warrant for the amount being exchanged, along with written notice
of the Holder’s election to exchange some or all of this Warrant, and the Company shall issue to the Holder the number of Common Shares computed using the following formula: 
  

									
		 	X =	 	 Y (A-B)
	 		 	
		 		 	A	 		 	

  

									
		 		 	Where:	  	X =	  	The number of Common Shares to be issued to the Holder.
					
		 		 		  	Y =	  	The number of Common Shares covered by this Warrant in respect of which the cashless exercise election is made pursuant to this Section 1(b).
					
		 		 		  	A =	  	The Market Price of one Common Share.
					
		 		 		  	B =	  	The Exercise Price (as adjusted to the date of such calculation).

 The Warrant exchange shall take place on the date specified in the notice or if the date the
notice is received by the Company is later than the date specified in the notice, on the date the notice is received by the Company. 
  

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 As used herein in the phrase “Market Price” at any date shall be deemed to
be the last reported sale price or the closing price of the Common Stock on any exchange (including the National Association of Securities Dealers Automated Quotation System (“Nasdaq”)) on which the Common Stock is
listed or the closing price as quoted on the OTC Bulletin Board, or, in the case no such reported sale takes place on such day, the average of the last reported sales prices or quotations for the last five trading days, in either case as officially
reported or quoted by the principal securities exchange or the OTC Bulletin Board, and if the Common Stock is not listed or quoted as determined in good faith by resolution of the Board of Directors of the Company, based on the best information
available to it. 
  

	 	2.	COVENANTS BY THE COMPANY 

 The Company covenants and
agrees as follows: 
 (a) Reservation of Shares. During the period within which the rights represented by this Warrant may be
exercised, the Company shall, at all times, reserve and keep available out of its authorized capital stock, solely for the purposes of issuance upon exercise of this Warrant, such number of its Common Shares as shall be issuable upon the exercise of
this Warrant. If at any time the number of authorized Common Shares shall not be sufficient to effect the exercise of this Warrant, the Company will take such corporate action as may be necessary to increase its authorized but unissued Common Shares
to such number of shares as shall be sufficient for such purpose. The Company shall have analogous obligations with respect to any other securities or property issuable upon exercise of this Warrant. 
 (b) Valid Issuance. All Common Shares which may be issued upon exercise of the rights represented by this Warrant included herein will be, upon
payment thereof, validly issued, fully paid, non-assessable and free from all taxes, liens and charges with respect to the issuance thereof. 
 (c) Taxes. All original issue taxes payable in respect of the issuance of Common Shares upon the exercise of the rights represented by this Warrant shall be borne by the Company, but in no event shall the Company be responsible or
liable for income taxes or transfer taxes upon the issuance or transfer of this Warrant or the Warrant Stock. 
 (d) Fractional
Shares. The Company shall not be required to issue certificates representing fractions of Common Shares. In lieu of any fractional interests, the Company shall make a cash payment equal to the Exercise Price multiplied by such fraction.

  

	 	3.	EXCHANGE OR ASSIGNMENT OF WARRANT 

 This Warrant is
exchangeable, without expense, at the option of the Holder, upon presentation and surrender hereof to the Company for other Warrants of different denominations, entitling the Holder to purchase in the aggregate the same number of Common Shares
purchasable hereunder. Subject to the provisions of this Warrant and the receipt by the Company of any required representations and agreements, upon surrender of this Warrant to the Company with the Warrant Exercise Form annexed hereto duly executed
and funds sufficient to pay any transfer tax, the Company shall, without additional charge, execute and deliver a new Warrant in the name of the assignee named in such instrument of assignment and this Warrant shall promptly be canceled. In the

  

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event of a partial exercise of this Warrant, the new Warrants issued to the assignee and the Holder shall make reference to the aggregate number of shares of
Warrant Stock issuable upon exercise of this Warrant. 
  

	 	4.	RIGHTS OF THE HOLDER 

 The Holder shall not, by
virtue hereof, be entitled to any voting or other rights of a stockholder of the Company, either at law or in equity, and the rights of the Holder are limited to those expressed in this Warrant. 
  

	 	5.	ADJUSTMENT OF EXERCISE PRICE 

 (a) Stock Splits,
Subdivisions or Combinations; Common Stock Dividends; Reclassification. If the Company, at any time while this Warrant is outstanding, (a) shall fix a record date for the effectuation of a split, subdivision or combination of the
outstanding shares of Common Stock, (b) shall pay a stock dividend on its Common Stock, or (c) issue by reclassification of shares of Common Stock any shares of capital stock of the Company, then (i) the Exercise Price shall be
multiplied by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding prior to such event and the denominator of which shall be the number of shares of Common Stock outstanding after such event and (ii) the
number of shares of the Warrant Stock shall be multiplied by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding immediately after such event and the denominator of which shall be the number of shares of
Common Stock outstanding immediately prior to such event. Any adjustment made pursuant to this Section 5(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or
distribution or, in the case of a subdivision or re-classification, shall become effective immediately after the effective date thereof. 
 (b) Rights; Options; Warrants or Other Securities. If the Company, at any time while this Warrant is outstanding, shall fix a record date for the issuance of rights, options, warrants or other securities to the holders of its Common
Stock entitling them to subscribe for or purchase, convert to, exchange for or otherwise acquire shares of Common Stock for no consideration or at a price per share less than the Exercise Price, the Exercise Price shall be multiplied by a fraction,
the numerator of which shall be the number of shares of Common Stock outstanding immediately prior to such issuance or sale plus the number of shares of Common Stock which the aggregate consideration received by the Company would purchase at the
Exercise Price, and the denominator of which shall be the number of shares of Common Stock outstanding immediately prior to such issuance date plus the number of additional shares of Common Stock offered for subscription, purchase, conversion,
exchange or acquisition, as the case may be. Such adjustment shall be made whenever such rights, options, warrants or other securities are issued, and shall become effective immediately after the record date for the determination of stockholders
entitled to receive such rights, options, warrants or other securities. 
 (c) Subscription Rights. If the Company, at any time while
this Warrant is outstanding, shall fix a record date for the distribution to holders of its Common Stock, evidence of its indebtedness or assets or rights, options, warrants or other security entitling them to subscribe for or purchase, convert to,
exchange for or otherwise acquire any security (excluding those referred to in 

  

 4 

 
Sections 5(a) and 5(b) above), then in each such case the Exercise Price at which this Warrant shall thereafter be exercisable shall be determined by
multiplying the Exercise Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the per-share Market Price on such record date less the then fair market value at such record date of the portion of such
assets or evidence of indebtedness so distributed applicable to one outstanding share of Common Stock as determined by the Board of Directors in good faith, and the denominator of which shall be the Exercise Price as of such record date; provided,
however, that in the event of a distribution exceeding 10% of the net assets of the Company, such fair market value shall be determined by an appraiser selected in good faith by the registered owners of a majority of the Warrant Stock then
outstanding; and provided, further, that the Company, after receipt of the determination by such appraiser shall have the right to select in good faith an additional appraiser meeting the same qualifications, in which case the fair market value
shall be equal to the average of the determinations by each such appraiser. Such adjustment shall be made whenever any such distribution is made and shall become effective immediately after the record date mentioned above. 
 (d) Rounding. All calculations under this Section 5 shall be made to the nearest cent or the nearest l/l00th of a share, as the case may be.

 (e) Notice of Adjustment. Whenever the Exercise Price is adjusted pursuant to this Section 5, the Company shall promptly
deliver to the Holder a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment. Such notice shall be signed by the chairman, president or chief financial officer of
the Company. 
 (f) Treasury Shares. The number of shares of Common Stock outstanding at any given time shall not include shares owned
or held by or for the account of the Company, and the disposition of any shares so owned or held shall be considered an issue or sale of Common Stock by the Company. 
 (g) Change of Control; Compulsory Share Exchange. In case of (A) any Change of Control Transaction (as defined below) or (B) any compulsory share exchange pursuant to which the Common Stock is
converted into other securities, cash or property (each, an “Event”), lawful provision shall be made so that the Holder shall have the right thereafter to exercise this Warrant for shares of stock and other securities, cash and
property receivable upon or deemed to be held by holders of Common Stock following such Event, and the Holder shall be entitled upon such Event to receive such amount of shares of stock and other securities, cash or property as the shares of the
Common Stock of the Company into which this Warrant could have been exercised immediately prior to such Event (without taking into account any limitations or restrictions on the exercisability of this Warrant) would have been entitled; provided,
however, that in the case of a transaction specified in (A), above, in which holders of the Company’s Common Stock receive cash, the Holder shall have the right to exercise the Warrant for such number of shares of the surviving company equal to
the amount of cash into which this Warrant is then exercisable, divided by the fair market value of the shares of the surviving company on the effective date of such Event. The terms of any such Event shall include such terms so as to continue to
give to the Holder the right to receive the securities, cash or property set forth in this Section 5(g) upon any exercise or redemption following 

  

 5 

 
such Event, and, in the case of an Event specified in (A), above, the successor corporation or other entity (if other than the Company) resulting from such
reorganization, merger or consolidation, or the person acquiring the properties and assets, or such other controlling corporation or entity as may be appropriate, shall expressly assume the obligation to deliver the securities or other assets which
the Holder is entitled to receive hereunder. The provisions of this Section 5(g) shall similarly apply to successive Events. “Change of Control Transaction” means the occurrence of any (i) merger or
consolidation of the Company with or into another entity, unless the holders of the Company’s securities immediately prior to such transaction or series of transactions continue to hold at least 50% of such securities following such transaction
or series of transactions, (ii) a sale, conveyance, lease, transfer or disposition of all or substantially all of the assets of the Company in one or a series of related transactions or (iii) the execution by the Company of an agreement to
which the Company is a party or by which it is bound, providing for any of the events set forth above in (i) or (ii); provided however, that the Company’s merger with Forefront BVI, Ltd. will not be considered a Change of Control
Transaction. 
 (h) Issuances Below Exercise Price. If the Company, at any time while this Warrant is outstanding: 
 (i) issues or sells, or is deemed to have issued or sold, any Common Stock; 
 (ii) in any manner grants, issues or sells any rights, options, warrants, options to subscribe for or to purchase Common Stock or any stock or other
securities convertible into or exchangeable for Common Stock (such rights, options or warrants being herein called “Options” and such convertible or exchangeable stock or securities being herein called
“Convertible Securities”); or 
 (iii) in any manner issues or sells any Convertible Securities; 

for (a) with respect to paragraph (i) above, a price per share, or (b) with respect to paragraphs (ii) or (iii) above, a
price per share for which Common Stock issuable upon the exercise of such Options or upon conversion or exchange of such Convertible Securities is, less than the Exercise Price in effect immediately prior to such issuance or sale, then, immediately
after such issuance, sale or grant, the Exercise Price shall be reduced to a price equal to the price per share of the Common Stock sold or the exercise price or conversion price of the Options and Convertible Securities, as applicable. No
modification of the issuance terms shall be made upon the actual issuance of such Common Stock upon conversion or exchange of such Options or Convertible Securities. The number of Common Shares issuable upon exercise of this Warrant shall be
increased to an amount equal to the quotient of (A) the product of (x) the Exercise Price in effect immediately prior to the adjustment multiplied by (y) the number of Common Shares issuable upon exercise of this Warrant immediately
prior to the adjustment, divided by (B) the adjusted Exercise Price. If there is a change at any time in (i) the exercise price provided for in any Options, (ii) the additional consideration, if any, payable upon the issuance,
conversion or exchange of any Convertible Securities or (iii) the rate at which any Convertible Securities are convertible into or exchangeable for Common Stock, then immediately after such change the Exercise Price shall be adjusted to
Exercise Price which would have been in effect at such time had such Options or Convertible Securities still outstanding provided for such changed 

  

 6 

 
exercise price, additional consideration or changed conversion rate, as the case may be, at the time initially granted, issued or sold; provided that no
adjustment shall be made if such adjustment would result in an increase of the Exercise Price then in effect. Notwithstanding the foregoing, the provisions of this Section 5(h) shall not apply to the Company’s issuing or selling of Common
Stock, Options or Convertible Securities, at any time while this Warrant is outstanding, (A) pursuant to an employee stock option plan or (B) in connection with an acquisition. 
 (i) Effect on Exercise Price of Certain Events. For purposes of determining the adjusted Exercise Price under Section 5(h), the following
shall be applicable: 
 (i) Calculation of Consideration Received. If any Common Stock, Options or Convertible Securities are issued
or sold or deemed to have been issued or sold for cash, the consideration received therefor will be deemed to be the net amount received by the Company therefor, without deducting any expenses paid or incurred by the Company or any commissions or
compensations paid or concessions or discounts allowed to underwriters, dealers or others performing similar services in connection with such issue or sale. In case any Common Stock, Options or Convertible Securities are issued or sold for a
consideration other than cash, the amount of the consideration other than cash received by the Company will be the fair value of such consideration, except where such consideration consists of securities listed or quoted on a national securities
exchange or national quotation system, in which case the amount of consideration received by the Company will be the arithmetic average of the closing sale price of such security for the five (5) consecutive trading days immediately preceding
the date of receipt thereof. In case any Common Stock, Options or Convertible Securities are issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving entity, the amount of consideration
therefor will be deemed to be the fair value of such portion of the net assets and business of the non-surviving entity as is attributable to such Common Stock, Options or Convertible Securities, as the case may be. The fair value of any
consideration other than cash or securities will be determined jointly by the Company and the registered owners of a majority of the Warrant Stock then outstanding. If such parties are unable to reach agreement within 10 days after the occurrence of
an event requiring valuation (the “Valuation Event”), the fair value of such consideration will be determined within 48 hours of the 10th day following the Valuation Event by an appraiser selected in good faith by the
Company and agreed upon in good faith by the registered owners of a majority of the Warrant Stock then outstanding. The determination of such appraiser shall be binding upon all parties absent manifest error. 
 (ii) Integrated Transactions. In case any Option is issued in connection with the issue or sale of other securities of the Company, together
comprising one integrated transaction in which no specific consideration is allocated to such Options by the parties thereto, the Options will be deemed to have been issued for an aggregate consideration of $0.001. 
 (iii) Record Date. If the Company takes a record of the holders of Common Stock for the purpose of entitling them (a) to receive a dividend
or other distribution payable in Common Stock, Options or in Convertible Securities or (b) to subscribe for or purchase Common Stock, Options or Convertible Securities, then such record date will be deemed to be the date of the issue or sale of
the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or the date of the granting of such right of subscription or purchase, as the case may be. 
  

 7 

 (iv) Other Events. If any event occurs that would adversely affect the rights of the Holder of
this Warrant but is not expressly provided for by this Section 5 (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features), then the Company’s Board of Directors
will make an appropriate adjustment in the Exercise Price so as to protect the rights of the Holder; provided, however, that no such adjustment will increase the Exercise Price. 
 (j) Notice of Certain Events. If: 
 (i) the Company shall declare a dividend (or any other distribution) on its Common Stock; 
 (ii) the Company shall declare a
special nonrecurring cash dividend on or a redemption of its Common Stock; 
 (iii) the Company shall authorize the granting to the holders
of all of its Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights; 
 (iv) the approval of any stockholders of the Company shall be required in connection with any capital reorganization, reclassification of the Company’s capital stock, any consolidation or merger to which the Company is a party, any
sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property; or 
 (v) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company; 
 then the Company shall cause to be filed at each office or agency maintained for the purpose of exercise of this Warrant, and shall cause to be delivered
to the Holder, at least 30 calendar days prior to the applicable record or effective date hereinafter specified, a notice (provided such notice shall not include any material non-public information) stating (a) the date on which a record is to
be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of Common Stock of record to be entitled to such dividend, distributions, redemption, rights
or warrants are to be determined or (b) the date on which such reorganization, reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that
holders of Common Stock of record shall be entitled to exchange their shares of Common Stock for securities, cash or other property deliverable upon such reorganization, reclassification, consolidation, merger, sale, transfer or share exchange;
provided, however, that the failure to mail such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice. Nothing herein shall prohibit the Holder from
exercising this Warrant during the 30-day period commencing on the date of such notice. 
  

 8 

 (k) Increase in Exercise Price. In no event shall any provision in this Section 5 cause the
Exercise Price to be greater than the Exercise Price on the date of issuance of this Warrant, except for a combination of the outstanding shares of Common Stock into a smaller number of shares as referenced in Section 5(a) above. 
  

	 	6.	RESTRICTIONS ON EXERCISE 

 (a) Investment
Intent. Unless, prior to the exercise of the Warrant, the issuance of the Warrant Stock has been registered with the Securities and Exchange Commission pursuant to the Act, the Warrant Exercise Form shall be accompanied by a representation of
the Holder to the Company to the effect that such shares are being acquired for investment and not with a view to the distribution thereof, and such other representations and documentation as may be reasonably required by the Company, unless in the
opinion of counsel to the Company such representations or other documentation are not necessary to comply with the Act. 
  

	 	7.	RESTRICTIONS ON TRANSFER 

 (a) Transfer to Comply
with the Securities Act of 1933. Neither this Warrant nor any Warrant Stock may be sold, assigned, transferred or otherwise disposed of except as follows: (1) to a person who, in the opinion of counsel satisfactory to the Company, is a
person to whom this Warrant or the Warrant Stock may legally be transferred without registration and without the delivery of a current prospectus under the Act with respect thereto and then only against receipt of an agreement of such person to
comply with the provisions of this Section 7 with respect to any resale, assignment, transfer or other disposition of such securities; (2) to any person upon delivery of a prospectus then meeting the requirements of the Act relating to
such securities and the offering thereof for such sale, assignment, transfer or disposition; or (3) to any “affiliate” (as such term is used in Rule 144 promulgated pursuant to the Act) of the Holder. 
 (b) Legend. Subject to the terms hereof, upon exercise of this Warrant and the issuance of the Warrant Stock, all certificates representing such
Warrant Stock shall bear on the face or reverse thereof substantially the following legend: 
 “The securities which are represented by
this certificate have not been registered under the Securities Act of 1933, and may not be sold, transferred, hypothecated or otherwise disposed of until a registration statement with respect thereto is declared effective under such act, or the
Company receives an opinion of counsel for the Company that an exemption from the registration requirements of such act is available.” 
  

	 	8.	LOST, STOLEN OR DESTROYED WARRANTS 

 In the event
that the Holder notifies the Company that this Warrant has been lost, stolen or destroyed and provides (a) a letter, in form reasonably satisfactory to the Company, to the effect that it will indemnify the Company from any loss incurred by it
in connection therewith, and/or (b) an indemnity bond in such amount as is reasonably required by the Company, the Company having 

  

 9 

 
the option of electing either (a) or (b) or both, the Company may, in its sole discretion, accept such letter and/or indemnity bond in lieu of the
surrender of this Warrant as required by Section 1 hereof. 
  

	 	9.	SUBSEQUENT HOLDERS 

 Every Holder hereof, by
accepting the same, agrees with any subsequent Holder hereof and with the Company that this Warrant and all rights hereunder are issued and shall be held subject to all of the terms, conditions, limitations and provisions set forth in this Warrant,
and further agrees that the Company and its transfer agent, if any, may deem and treat the registered holder of this Warrant as the absolute owner hereof for all purposes and shall not be affected by any notice to the contrary. 
  

	 	10.	NOTICES 

 Any notice required or permitted hereunder
shall be given in writing (unless otherwise specified herein) and shall be effective upon personal delivery, via facsimile (upon receipt of confirmation of error-free transmission and mailing a copy of such confirmation, postage prepaid by certified
mail, return receipt requested) or two business days following deposit of such notice with an internationally recognized courier service, with postage prepaid and addressed the other party at the following address, or at such other addresses as a
party may designate by five days advance written notice to the other party hereto. 
  

					
	 Company:
	  	Broadband Multimedia Systems, Ltd.
		 		  	c/o Ligent Photonics
		 		  	2701 Dukane Drive
		 		  	Suite 102
		 		  	St. Charles, IL 60174
		 		  	Attention: Myron Tan, CFO
		 		  	Telephone: 630-513-7226 Ext. 13
		 		  	Facsimile: 630-513-9173
		
	 Holder:
	  	Stanford International Bank Ltd.
		 		  	No. 11 Pavilion Drive
		 		  	St. John’s, Antigua
		 		  	West Indies
		 		  	Attention: James M. Davis, Chief Financial Officer

  

	 	11.	GOVERNING LAW; DISPUTE RESOLUTION 

 (a) Governing
Law. This Agreement, and all transactions and agreements in connection herewith, shall be governed by and construed in accordance with the laws of the State of Florida without regard to principles of conflicts of laws. 
 (b) Dispute Resolution. Any controversy or claim arising out of or relating to this Agreement, or the breach thereof shall be finally settled by
arbitration exclusively (i) administered by the International Centre for Dispute Resolution (the “ICDR”) and 

  

 10 

 
(ii) under the International Dispute Resolution Procedures of the ICDR (the “ICDR Rules”). Judgment on the award rendered
by the arbitrator(s) may be entered in any court having jurisdiction thereof. The number of arbitrators shall be one (1), unless the parties subsequently agree in writing that three (3) arbitrators shall be appointed to resolve such
particular dispute. The arbitrator(s) shall be appointed exclusively in accordance with the ICDR Rules. The place of arbitration shall be Miami, Florida. The arbitration proceedings shall be conducted in English. The parties waive, to the extent
permitted under applicable law, any right that they may have under any law applicable to this Agreement or any party hereto to object to arbitration hereunder on the basis that such an agreement was not entered into after a dispute had arisen.

 (Signature on the following page) 
  

 11 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed on its behalf, in its
corporate name, by its duly authorized officer, all as of the day and year first above written. 
  

			
	BROADBAND MULTIMEDIA SYSTEMS, LTD.
		
	 By:
	 	  

  

 12 

 BROADBAND MULTIMEDIA SYSTEMS, LTD. 
 WARRANT EXERCISE FORM 
 The undersigned hereby irrevocably elects
(A) to exercise the Warrant dated                     , 2007 (the “Warrant”), pursuant to the provisions
of Section 1(a) of the Warrant, to the extent of purchasing              shares of the common stock, par value $0.001 per share (the “Common Stock”), of
BROADBAND MULTIMEDIA SYSTEMS, Ltd. and hereby makes a payment of $             in payment therefor, or (B) to exercise the Warrant to the extent of purchasing
             shares of the Common Stock, pursuant to the provisions of Section 1(b) of the Warrant. In exercising the Warrant, the undersigned hereby confirms that the Common
Stock to be issued hereunder is being acquired for investment and not with a view to the distribution thereof. Please issue a certificate or certificates representing said shares of Common Stock in the name of the undersigned or in such other name
as is specified below. Please issue a new Warrant for the unexercised portion of the attached Warrant in the name of the undersigned or in such other name as is specified below. 
  

	
	  

	Name of Holder
	
	  

	Signature of Holder or Authorized Representative
	
	  

	Signature, if jointly held
	
	  

	Name and Title of Authorized Representative
	
	  

	  

	Address of Holder
	
	  

	Date

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