Document:

Exhibit
4.3

 

INITIAL
WARRANTS

 

SUBJECT TO THE TERMS SET FORTH HEREIN, THIS WARRANT
CERTIFICATE  CANNOT BE EXERCISED UNTIL AFTER THE CONSUMMATION OF AN
INITIAL BUSINESS COMBINATION (AS DEFINED IN THE COMPANY’S AMENDED AND RESTATED
CERTIFICATE OF INCORPORATION) AND THEN ONLY IF THE CONDITIONS FOR EXERCISE SET
FORTH HEREIN HAVE BEEN SATISFIED.

 

The securities
represented by this Warrant Certificate (including the underlying common stock
issuable upon exercise of these Warrants) have not been registered under the
Securities Act of 1933, as amended, or the securities laws of any state or
other jurisdiction, and may not be transferred in violation of such act and
laws, or an exemption from registration therefrom.

 

The securities represented by this Warrant Certificate
(including the underlying common stock issuable upon exercise of these
Warrants) are subject to additional restrictions on transfer and other
agreements set forth in (I) the Letter Agreement, dated as of
    , 2008, as may be amended from time to time, by and
among the holder, the Company and Banc of America Securities LLC and (II) the
Warrant Agreement, dated as of     , 2008, as may be
amended from time to time (the “Warrant Agreement”), by and between the Company
and the Warrant Agent.  Copies of such
agreements may be obtained by the holder hereof at the Company’s principal
place of business without charge.

 

EXERCISABLE ONLY IF COUNTERSIGNED BY THE
WARRANT

AGENT AS PROVIDED HEREIN.

 

Warrant Certificate evidencing

 

Warrants to Purchase Common Stock, par value
$0.0001 per share, as described 

herein (the “Common Stock”).

 

iSTAR ACQUISITION CORP.

 

	
  No.

  	
   

  	
  CUSIP
  No.                       

  

 

VOID AFTER 5:00 P.M., NEW YORK
CITY TIME, ON
                      ,
2013 [FIVE YEARS AFTER THE DATE OF THE FINAL PROSPECTUS RELATING TO THE 

INITIAL PUBLIC OFFERING OF THE UNITS], 

OR UPON EARLIER REDEMPTION

 

This certifies that
                                            ,
or its registered assigns, is the registered holder of
                                                                  
warrants to purchase certain securities (each a “Warrant”).  Each Warrant entitles the holder thereof,
subject to the provisions contained herein and in the Warrant Agreement, to
purchase from iStar Acquisition Corp., a Delaware corporation (the “Company”),
one (1) share of the Company’s Common Stock (each a “Share”), at
the exercise price set forth in the Warrant Agreement.  The exercise price of each Warrant (the “Exercise
Price”) shall be $7.00 initially, subject to adjustment as set forth in the
Warrant Agreement.

 

Subject to the terms of the Warrant Agreement, each
Warrant evidenced hereby may be exercised in whole, but not in part, at any
time, as specified herein (the “Exercise Period”), on any Business Day
(as defined below) occurring after the last sale price of the Company’s Common
Stock as reported on the American Stock Exchange, or any other principal stock
exchange or automated quotation system on which the Common Stock is then traded
or quoted, equals or exceeds $13.75 per share (subject to

 

 

adjustment as provided in
the Warrant Agreement) for any 20 trading days within a 30 trading-day period
beginning on the date of the Company’s consummation of an initial Business
Combination and ending at 5:00 P.M., New York City time, on the earlier to
occur of
                      ,
2013 [five years after the date of the final prospectus relating to the initial
public offering of the units] or the Redemption Date (the “Expiration Date”).  Each Warrant remaining unexercised after 5:00 P.M.,
New York City time on the Expiration Date shall become void, and all rights of
the holder of this Warrant Certificate evidencing such Warrant shall cease.

 

The holder of the Warrants represented by this Warrant
Certificate may exercise any Warrant evidenced hereby by delivering, not later
than 5:00 P.M., New York City time, on any Business Day during the
Exercise Period (the “Exercise Date”) to Continental Stock Transfer &
Trust Company (the “Warrant Agent,” which term includes any successor
warrant agent under the Warrant Agreement) at its corporate trust department at
17 Battery Place, New York, NY 10004, (i) this Warrant Certificate, (ii) an
election to purchase (“Election to Purchase”), properly executed by the
holder hereof on the reverse of this Warrant Certificate (the “Participant”)
substantially in the form included on the reverse of hereof, as applicable and (iii) the
Exercise Price for each Warrant to be exercised in lawful money of the United
States of America by certified or official bank check or by bank wire transfer
in immediately available funds; provided, however, that so long as these Warrants are held by their
original purchaser or its Permitted Transferees (as defined in the Warrant
Agreement), the holder of this Warrant Certificate may, in lieu of payment of
the Exercise Price, surrender its Warrants for that number of shares of Common
Stock equal to the quotient obtained by dividing (x) the product of the
number of shares of Common Stock underlying the surrendered Warrants, multiplied
by the difference between the fair market value and the Exercise Price by (y) the
fair market value.  In this context, the
fair market value shall mean the average reported last sale price of the Common
Stock for the 10 trading days ending on the third trading day prior to the date
on which the Election to Purchase is sent to the Warrant Agent.

 

These Warrants are not subject to redemption by the
Company.

 

If any of (a) this Warrant Certificate, (b) the
Election to Purchase, (c) the Exercise Price therefor or (d) surrendered
Warrants  is received by the Warrant Agent after
5:00 P.M., New York City time, the Warrants will be deemed to be received
and exercised on the Business Day next succeeding the date such items are
received and such date shall be the Exercise Date for purposes hereof.  If the date such items are received is not a
Business Day, the Warrants will be deemed to be received and exercised on the
next succeeding day which is a Business Day and such date shall be the Exercise
Date.  If the Warrants to be exercised
are received or deemed to be received after the Expiration Date, the exercise
thereof will be null and void and any funds delivered to the Warrant Agent will
be returned to the holder as soon as practicable.  In no event will interest accrue on funds
deposited with the Warrant Agent in respect of an exercise or attempted
exercise of Warrants.  The validity of
any exercise of Warrants will be determined by the Warrant Agent in its sole
discretion and such determination will be final and binding upon the holder of
the Warrants and the Company.  Neither
the Warrant Agent nor the Company shall have any obligation to inform a holder
of Warrants of the invalidity of any exercise of Warrants.

 

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

 

Warrants may be exercised only in whole numbers of
Warrants.  No fractional shares of Common
Stock are to be issued upon the exercise of any Warrant, but rather the number
of shares of Common Stock to be issued shall be rounded up to the nearest whole
number.  If fewer than all of the
Warrants evidenced by this Warrant Certificate are exercised, a new Warrant
Certificate for the number of Warrants remaining unexercised shall be executed
by the Company and countersigned by the Warrant Agent as 

 

2

 

provided in Sections 2.1
and 2.2 of the Warrant Agreement, and delivered to the holder of this Warrant
Certificate at the address specified on the books of the Warrant Agent or as
otherwise specified by such Registered Holder.

 

Notwithstanding the foregoing, the Company shall not
be obligated to deliver any Shares pursuant to the exercise of a Warrant and
shall have no obligation to settle a Warrant exercise unless a registration
statement under the Securities Act of 1933, as amended (the “Securities Act”),
with respect to the Shares is effective and a current prospectus is on file
with the Securities and Exchange Commission (the “Commission”) and
available for use.  In the event that a
registration statement with respect to the Shares underlying a Warrant is not effective
under the Securities Act or a current prospectus is not on file with the
Commission or available for use by holders of these Warrants, the holder of
such Warrant shall not be entitled to exercise such Warrant.  Notwithstanding anything to the contrary in
the Warrant Agreement and this Warrant Certificate, under no circumstances will
the Company be required to net cash settle a Warrant exercise.  Warrants may not be exercised by, or Shares
issued to, any registered holder in any state in which such exercise or
issuance would be unlawful.  For the avoidance
of doubt, as a result of Section 3.3.3 of the Warrant Agreement and the
foregoing, any or all of the Warrants may expire unexercised.

 

This Warrant Certificate is issued under and in
accordance with the Warrant Agreement and is subject to the terms and
provisions contained in the Warrant Agreement, to all of which terms and
provisions the holder of this Warrant Certificate and the beneficial owners of
the Warrants represented by this Warrant Certificate consent by acceptance
hereof.  Copies of the Warrant Agreement
are on file and can be inspected at the above-mentioned office of the Warrant
Agent and at the office of the Company at 1114 Avenue of the Americas, 39th
Floor, New York, New York  10036.

 

The accrual of dividends, if any, on the Shares issued
upon the valid exercise of any Warrant will be governed by the terms generally
applicable to such Shares.  From and
after the issuance of such Shares, the former holder of the Warrants exercised
will be entitled to the benefits generally available to other holders of Shares
and such former holder’s right to receive payments of dividends and any other
amounts payable in respect of the Shares shall be governed by, and shall be
subject to, the terms and provisions generally applicable to such Shares.

 

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

 

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

 

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

 

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

 

3

 

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

 

4

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

 

Dated as of
                    ,
2008

 

	
   

  	
  iSTAR
  ACQUISITION CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Chairman of the Board

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Chief Executive Officer and Secretary

  

 

 

CONTINENTAL STOCK
TRANSFER & TRUST COMPANY,

as Warrant Agent

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized
  Officer

  

 

5

 

[REVERSE]

 

Instructions
for Exercise of Warrant

 

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

 

ELECTION TO PURCHASE

TO BE EXECUTED IF WARRANT HOLDER DESIRES

TO EXERCISE THE WARRANTS EVIDENCED HEREBY

 

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

 

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

 

6

 

	
  Dated: 

  	
   

  	
  ,

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name

  	
   

  	
   

  	
  (Please Print)

  
	
   

  	
   

  	
   

  
	
  / / / /-/ / /-/
  / / / /

  	
   

  	
   

  
	
  (Insert Social
  Security or Other Identifying Number of Holder)

  	
   

  	
  Address

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

Signature

 

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

 

By hand at:

 

By mail at:

 

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

 

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

 

	
  Name in which
  Shares are to be registered if other than in the name of the registered
  holder of this Warrant Certificate:

  	
   

  	
   

  
	
  Address to which
  Shares are to be mailed if other than to the address of the registered holder
  of this Warrant Certificate as shown on the books of the Warrant Agent:

  	
   

  	
   

  
	
   

  	
   

  	
  (Street Address)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (City and State)
  (Zip Code)

  
	
  Name in which
  Warrant Certificate evidencing unexercised Warrants, if any, are to be
  registered if other than in the name of the registered holder of this Warrant
  Certificate:

  	
   

  	
   

  

 

 

	
  Address to which
  certificate representing unexercised Warrants, if any, are to be mailed if
  other than to the address of the registered holder of this Warrant
  Certificate as shown on the books of the Warrant Agent:

  	
   

  	
   

  
	
   

  	
   

  	
  (Street Address)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (City and State)
  (Zip Code)

  

 

7

 

	
   

  	
   

  	
  Dated:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature
  must conform in all respects to the name of the holder as specified on the
  face of this Warrant Certificate. If Shares, or a Warrant Certificate
  evidencing unexercised Warrants, are to be issued in a name other than that
  of the registered holder hereof or are to be delivered to an address other
  than the address of such holder as shown on the books of the Warrant Agent,
  the above signature must be guaranteed by an Eligible Guarantor Institution
  (as that term is defined in Rule 17Ad-15 of the Securities Exchange Act
  of 1934, as amended).

  

 

	
  SIGNATURE
  GUARANTEE

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name of Firm

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Area Code and
  Number

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Authorized
  Signature

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated: 

  	
   

  	
  , 20

  	
   

  	
   

  	
   

  	
   

  
												

 

8

 

ASSIGNMENT

 

(FORM OF
ASSIGNMENT TO BE EXECUTED IF WARRANT HOLDER

DESIRES TO TRANSFER WARRANTS EVIDENCED HEREBY)

 

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

 

	
   

  	
   

  	
   

  
	
  (Please print
  name and address,

  including zip code of assignee)

  	
   

  	
  (Please insert
  social security or

  other identifying number of assignee)

  

 

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

 

Dated:

 

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature

  
	
   

  	
   

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

  

 

	
  SIGNATURE
  GUARANTEE

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name of Firm

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Area Code and
  Number

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Authorized
  Signature

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated: 

  	
   

  	
  , 20

  	
   

  	
   

  	
   

  	
   

  
												

 

9Exhibit
4.3.1

 

PUBLIC
WARRANTS

 

SUBJECT TO THE TERMS SET FORTH HEREIN, THIS WARRANT
CERTIFICATE (I) CANNOT BE TRANSFERRED OR EXCHANGED UNTIL FIVE BUSINESS DAYS
AFTER THE EARLIER TO OCCUR OF THE EXPIRATION OF THE UNDERWRITER’S OVER-ALLOTMENT
OPTION TO PURCHASE UP TO 7,500,000 ADDITIONAL UNITS TO COVER OVER-ALLOTMENTS OR
THE EXERCISE IN FULL BY THE UNDERWRITER OF SUCH OPTION (THE “DETACHMENT DATE”)
UNLESS INCLUDED WITH A SHARE OF COMMON STOCK OF iSTAR ACQUISITION CORP. AS PART OF
A UNIT AND (II) CANNOT BE EXERCISED IN WHOLE OR IN PART UNTIL THE
LATER OF THE COMPANY’S CONSUMMATION OF ITS INITIAL BUSINESS COMBINATION (AS
DEFINED IN THE COMPANY’S AMENDED AND RESTATED CERTIFICATE OF INCORPORATION) AND
    , 2009 [ONE YEAR AFTER THE DATE OF THE FINAL PROSPECTUS
RELATING TO THE INITIAL PUBLIC OFFERING OF THE UNITS].

 

EXERCISABLE ONLY IF COUNTERSIGNED BY THE
WARRANT

AGENT AS PROVIDED HEREIN.

 

Warrant Certificate evidencing

 

Warrants to Purchase Common Stock, par value
$0.0001 per share (the “Common Stock”), 

as described herein.

 

iSTAR ACQUISITION CORP.

 

	
  No.

  	
  CUSIP
  No.                       

  

 

VOID AFTER 5:00 P.M., NEW YORK
CITY TIME, ON                       ,
2013 [FIVE YEARS AFTER THE DATE OF THE FINAL PROSPECTUS RELATING TO THE INITIAL
PUBLIC OFFERING OF THE UNITS], 

OR UPON EARLIER REDEMPTION

 

This certifies that                                             ,
or its registered assigns, is the registered holder of                                                                   
warrants to purchase certain securities (each a “Warrant”).  Each Warrant entitles the holder thereof,
subject to the provisions contained herein and in the Warrant Agreement (as defined
below), to purchase from iStar Acquisition Corp., a Delaware corporation (the “Company”),
one (1) share of the Company’s Common Stock (each a “Share”), at
the exercise price set forth in the Warrant Agreement.  The exercise price of each Warrant (the “Exercise
Price”) shall be $7.00 initially, subject to adjustment as set forth in the
Warrant Agreement.

 

Subject to the terms of the Warrant Agreement, each
Warrant evidenced hereby may be exercised in whole, but not in part, at any
time, as specified herein, on any Business Day (as defined below) occurring
during the period (the “Exercise Period”) commencing on the later of the
date of the consummation of the Company’s initial Business Combination and                       ,
2009 [one year after the date of the final prospectus relating to the initial
public offering of the units] and ending at 5:00 P.M., New York City time,
on the earlier to occur of                       ,
2013 [five years after the date of the final prospectus relating to the initial
public offering of the units] or the Redemption Date (the “Expiration Date”).  Each Warrant remaining unexercised after 5:00 P.M.,
New York City time on the Expiration Date shall become void, and all rights of
the holder of this Warrant Certificate evidencing such Warrant shall cease.

 

 

The holder of the Warrants represented by this Warrant
Certificate may exercise any Warrant evidenced hereby by delivering, not later
than 5:00 P.M., New York City time, on any Business Day during the
Exercise Period (the “Exercise Date”) to Continental Stock Transfer &
Trust Company (the “Warrant Agent,” which term includes any successor
warrant agent under the Warrant Agreement) at its corporate trust department at
17 Battery Place, New York, NY 10004, (i) this Warrant Certificate, (ii) an
election to purchase (“Election to Purchase”), properly executed by the
holder hereof on the reverse of this Warrant Certificate (the “Participant”)
substantially in the form included on the reverse of hereof, as applicable and (iii) the
Exercise Price for each Warrant to be exercised in lawful money of the United
States of America by certified or official bank check or by bank wire transfer
in immediately available funds.

 

At any time during the Exercise Period, the Company
may, at its option, redeem all (but not part) of the then outstanding Warrants
upon giving notice in accordance with the terms of the Warrant Agreement (the “Redemption
Notice”), at the price of $0.01 per Warrant (the “Redemption Price”);
provided, that the last sale price of
the Common Stock on the American Stock Exchange, or other principal stock
exchange or automated quotation system on which the Common Stock is then traded
or quoted, equals or exceeds $13.75 per share (subject to adjustment as
provided in the Warrant Agreement) for any 20 trading days within a 30
trading-day period ending three business days prior to the date on which the
Redemption Notice is given, and a registration statement under the Securities
Act relating to shares of Common Stock issuable upon exercise of the Warrants
is effective and expected to remain effective to and including the Redemption
Date (as defined below) and a prospectus relating to the shares of Common Stock
issuable upon exercise of the Warrants is filed and available for use to and
including the Redemption Date.  In the
event the Company shall elect to redeem all of the then outstanding Warrants,
the Company shall fix a date for such redemption (the “Redemption Date”);
provided, that such date shall occur
prior to the expiration of the Exercise Period. 
The Warrants may be exercised in accordance with the terms of this
Warrant Certificate at any time after a Redemption Notice shall have been given
by the Company; provided, however,
that (1) no Warrants may be exercised subsequent to the expiration of the
Exercise Period; (2) all rights whatsoever with respect to the Warrants
shall cease on the Redemption Date, other than to the right to receive the
Redemption Price and (3) the Company may elect to require the holder of
this Warrant Certificate, in lieu of payment of the Exercise Price, to
surrender its Warrants for that number of shares of Common Stock equal to the
quotient obtained by dividing (x) the product of the number of shares of
Common Stock underlying the surrendered Warrants, multiplied by the difference
between the fair market value and the Exercise Price by (y) the fair
market value.  In this context, the fair
market value shall mean the average reported last sale price of the Common
Stock for the 10 trading days ending on the third trading day prior to the date
on which the Redemption Notice is sent by the Company to holders of Warrants.

 

If any of (a) this Warrant Certificate, (b) the
Election to Purchase, (c) the Exercise Price therefor or (d) surrendered
Warrants  is received by the Warrant Agent after
5:00 P.M., New York City time, the Warrants will be deemed to be received
and exercised on the Business Day next succeeding the date such items are
received and such date shall be the Exercise Date for purposes hereof.  If the date such items are received is not a
Business Day, the Warrants will be deemed to be received and exercised on the
next succeeding day which is a Business Day and such date shall be the Exercise
Date.  If the Warrants to be exercised
are received or deemed to be received after the Expiration Date, the exercise
thereof will be null and void and any funds delivered to the Warrant Agent will
be returned to the holder as soon as practicable.  In no event will interest accrue on funds
deposited with the Warrant Agent in respect of an exercise or attempted
exercise of Warrants.  The validity of
any exercise of Warrants will be determined by the Warrant Agent in its sole
discretion and such determination will be final and binding upon the holder of
the Warrants and the Company.  Neither
the Warrant Agent nor the Company shall have any obligation to inform a holder
of Warrants of the invalidity of any exercise of Warrants.

 

2

 

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

 

Warrants may be exercised only in whole numbers of
Warrants.  No fractional shares of Common
Stock are to be issued upon the exercise of any Warrant, but rather the number
of shares of Common Stock to be issued shall be rounded up to the nearest whole
number.  If fewer than all of the
Warrants evidenced by this Warrant Certificate are exercised, a new Warrant Certificate
for the number of Warrants remaining unexercised shall be executed by the
Company and countersigned by the Warrant Agent as provided in Sections 2.1
and 2.2 of the Warrant Agreement, and delivered to the holder of this Warrant
Certificate at the address specified on the books of the Warrant Agent or as
otherwise specified by such Registered Holder.

 

Notwithstanding the foregoing, the Company shall not
be obligated to deliver any Shares pursuant to the exercise of a Warrant and
shall have no obligation to settle a Warrant exercise unless a registration
statement under the Securities Act of 1933, as amended (the “Securities Act”),
with respect to the Shares is effective and a current prospectus is on file
with the Securities and Exchange Commission (the “Commission”) and
available for use.  In the event that a
registration statement with respect to the Shares underlying a Warrant is not
effective under the Securities Act or a current prospectus is not on file with
the Commission or available for use, the holder of such Warrant shall not be
entitled to exercise such Warrant. 
Notwithstanding anything to the contrary in the Warrant Agreement and
this Warrant Certificate, under no circumstances will the Company be required
to net cash settle a Warrant exercise. 
Warrants may not be exercised by, or Shares issued to, any registered
holder in any state in which such exercise or issuance would be unlawful.  For the avoidance of doubt, as a result of Section 3.3.3
of the Warrant Agreement and the foregoing, any or all of the Warrants may
expire unexercised.

 

This Warrant Certificate is issued under and in
accordance with the Warrant Agreement, dated as of                     ,
2008 (the “Warrant Agreement”), between the Company and the Warrant
Agent and is subject to the terms and provisions contained in the Warrant
Agreement, to all of which terms and provisions the holder of this Warrant
Certificate and the beneficial owners of the Warrants represented by this
Warrant Certificate consent by acceptance hereof.  Copies of the Warrant Agreement are on file
and can be inspected at the above-mentioned office of the Warrant Agent and at
the office of the Company at 1114 Avenue of the Americas, 39th Floor, New York,
New York  10036.

 

The accrual of dividends, if any, on the Shares issued
upon the valid exercise of any Warrant will be governed by the terms generally
applicable to such Shares.  From and
after the issuance of such Shares, the former holder of the Warrants exercised
will be entitled to the benefits generally available to other holders of Shares
and such former holder’s right to receive payments of dividends and any other
amounts payable in respect of the Shares shall be governed by, and shall be
subject to, the terms and provisions generally applicable to such Shares.

 

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

 

Prior to the Detachment Date, the Warrants represented
by this Warrant Certificate may be exchanged or transferred only together with
the Shares to which such Warrant is attached (together, a “Unit”), and
only for the purpose of effecting, or in conjunction with, an exchange or
transfer of such Unit.  Additionally,
prior to the Detachment Date, each transfer of such Unit on the register of the
Units shall operate also to transfer the Warrants included in such Units.  From and after the Detachment Date, the above
provisions shall be of no further force and effect.  Upon due presentment for registration of
transfer or exchange of this Warrant Certificate at the stock transfer division
of the Warrant Agent, the 

 

3

 

Company shall execute,
and the Warrant Agent shall countersign and deliver, as provided in Section 5
of the Warrant Agreement, in the name of the designated transferee one or more
new Warrant Certificates of any authorized denomination evidencing in the
aggregate a like number of unexercised Warrants, subject to the limitations
provided in the Warrant Agreement.

 

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

 

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

 

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

 

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

 

4

 

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

 

Dated as of                     ,
2008

 

	
   

  	
  iSTAR
  ACQUISITION CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Chairman of the Board

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Chief Executive Officer and Secretary

  

 

 

CONTINENTAL STOCK
TRANSFER & TRUST COMPANY,

as Warrant Agent

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized
  Officer

  

 

5

 

[REVERSE]

 

Instructions for Exercise of Warrant

 

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

 

ELECTION TO PURCHASE

TO BE EXECUTED IF WARRANT HOLDER DESIRES

TO EXERCISE THE WARRANTS EVIDENCED HEREBY

 

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

 

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

 

(1)          To be included only in Warrant Certificates
representing (i) the Initial Warrants, (ii) the Private Placement
Warrants and (iii) the Co-investment Warrants, in each instance only so
long as held by the original holder or a permitted transferee.

 

6

 

	
  Dated: 

  	
   

  	
  ,

  	
   

  	
   

  	
   

  	
   

  
	
  Name

  	
   

  	
   

  	
   

  	
  (Please Print)

  
	
  / / / /-/ / /-/
  / / / /

  	
   

  	
   

  
	
  (Insert Social
  Security or Other Identifying Number 

  	
   

  	
  Address

  	
   

  
	
  of Holder)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

Signature                                            

 

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

 

By hand at:

 

By mail at:

 

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

 

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

 

	
  Name in which
  Shares are to be registered if other than in the name of the registered
  holder of this Warrant Certificate:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address to which
  Shares are to be mailed if other than to the address of the registered holder
  of this Warrant Certificate as shown on the books of the Warrant Agent:

  	
   

  	
   

  
	
   

  	
   

  	
  (Street Address)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (City and State)
  (Zip Code)

  
	
   

  	
   

  	
   

  
	
  Name in which
  Warrant Certificate evidencing unexercised Warrants, if any, are to be
  registered if other than in the name of the registered holder of this Warrant
  Certificate:

  	
   

  	
   

  

 

	
  Address to which
  certificate representing unexercised Warrants, if any, are to be mailed if
  other than to the address of the registered holder of this Warrant
  Certificate as shown on the books of the Warrant Agent:

  	
   

  	
   

  
	
   

  	
   

  	
  (Street Address)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (City and State)
  (Zip Code)

  

 

7

 

	
   

  	
   

  	
  Dated:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature
  must conform in all respects to the name of the holder as specified on the
  face of this Warrant Certificate. If Shares, or a Warrant Certificate
  evidencing unexercised Warrants, are to be issued in a name other than that
  of the registered holder hereof or are to be delivered to an address other
  than the address of such holder as shown on the books of the Warrant Agent,
  the above signature must be guaranteed by an Eligible Guarantor Institution
  (as that term is defined in Rule 17Ad-15 of the Securities Exchange Act
  of 1934, as amended).

  

 

	
  SIGNATURE
  GUARANTEE

  	
   

  
	
   

  	
   

  
	
  Name of Firm

  	
   

  	
   

  
	
   

  	
   

  
	
  Address

  	
   

  	
   

  
	
   

  	
   

  
	
  Area Code and
  Number

  	
   

  	
   

  
	
   

  	
   

  
	
  Authorized
  Signature

  	
   

  	
   

  
	
   

  	
   

  
	
  Name

  	
   

  	
   

  
	
   

  	
   

  
	
  Title

  	
   

  	
   

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
  , 20

  	
   

  	
   

  	
   

  
												

 

8

 

ASSIGNMENT

 

(FORM OF
ASSIGNMENT TO BE EXECUTED IF WARRANT HOLDER

DESIRES TO TRANSFER WARRANTS EVIDENCED HEREBY)

 

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

 

	
   

  	
   

  	
   

  
	
  (Please print
  name and address,

  including zip code of assignee)

  	
   

  	
  (Please insert
  social security or

  other identifying number of assignee)

  

 

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

 

Dated:

 

	
   

  	
   

  
	
   

  	
  Signature

  
	
   

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

  

 

	
  SIGNATURE
  GUARANTEE

  	
   

  
	
   

  	
   

  
	
  Name of Firm

  	
   

  	
   

  
	
   

  	
   

  
	
  Address

  	
   

  	
   

  
	
   

  	
   

  
	
  Area Code and
  Number

  	
   

  	
   

  
	
   

  	
   

  
	
  Authorized
  Signature

  	
   

  	
   

  
	
   

  	
   

  
	
  Name

  	
   

  	
   

  
	
   

  	
   

  
	
  Title

  	
   

  	
   

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
  , 20

  	
   

  	
   

  	
   

  
											

 

9

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