Document:

Unassociated Document

     

    Exhibit
      4.4

     

    WARRANT
      AGREEMENT 

     

    This
      Warrant Agreement (this “Agreement”) made as of                     ,
      2007
      between TransTech Services Partners Inc., a Delaware corporation, with offices
      at 445 Fifth Avenue, Suite 30H, New York,
      New York 10016 (the “Company”), and Continental Stock Transfer & Trust
      Company, a New York corporation, with offices at 17 Battery Place, New York,
      New
      York 10004 (the “Warrant Agent”). 

     

      WHEREAS,
        the Company is engaged in a public offering (“Public Offering”) of Units
        (“Units”) and, in connection therewith, has determined to issue and deliver up
        to (i) 5,175,000 Warrants (“Public Warrants”) to investors in the Public
        Offering, each of such Public Warrants evidencing the right of the holder
        thereof to purchase one share of the Company’s common stock, par value $.0001
        per share (“Common Stock”), for $5.00, subject to adjustment as described herein
        and (ii) 281,250 warrants to Cowen and Company, LLC (“Cowen”) and Maxim Group
        LLC (“Maxim,” together with Cowen, the “Representatives”), as representatives of
        the underwriters, or its designees (the “Representatives’ Warrants”), with each
        of such Representatives’ Warrants evidencing the right of the holder thereof to
        purchase one share of Common Stock for $5.00; and 

     

    WHEREAS,
      the Company has filed with the Securities and Exchange Commission a Registration
      Statement, No. 333-138080 on Form S-1 (“Registration Statement”), for the
      registration, under the Securities Act of 1933, as amended (“Act”) of, among
      other securities, the Public Warrants and the Common Stock issuable upon
      exercise of the Public Warrants; and 

     

      WHEREAS,
        the Company is issuing 1,191,667 warrants, in a private placement prior to
        the
        Public Offering, which Warrants (the “Private Warrants,” together with the
        Public Warrants and the Representatives’ Warrants shall be referred to
        collectively as the “Warrants”) will be identical to the Public Warrants;
        and

     

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

     

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

     

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

     

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

     

    1. Appointment
      of Warrant Agent.
      The
      Company hereby appoints Continental Stock Transfer & Trust Company, the
      Warrant Agent to act as agent for the Company for the Warrants, and the Warrant
      Agent hereby accepts such appointment and agrees to perform the same in
      accordance with the terms and conditions set forth in this
      Agreement. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2. Warrants.
      

     

    2.1 Form
      of Warrant.
      Each
      Warrant shall be issued in registered form only, and shall be in substantially
      the form of Exhibit A-1 hereto, the provisions of which are incorporated herein
      and shall be signed by, or bear the facsimile signature of, the Chairman of
      the
      Board or President and Treasurer, Secretary or Assistant Secretary of the
      Company and shall bear a facsimile of the Company’s seal. In the event the
      person whose facsimile signature has been placed upon any Warrant shall have
      ceased to serve in the capacity in which such person signed the Warrant before
      such Warrant is issued, it may be issued with the same effect as if he or she
      had not ceased to be such at the date of issuance. 

     

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

     

    2.3 Registration.
      

     

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

     

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

     

    2.4 Trading
      The
      Common Stock and Warrants comprising the Units represented by a Unit certificate
      will begin separate trading five (5) business days following the earlier to
      occur of the expiration of the underwriters’ over-allotment option in the Public
      Offering or its exercise in full, subject to the Company having filed a Current
      Report on Form 8-K, which includes an audited balance sheet reflecting the
      receipt by the Company of the gross proceeds of the Public Offering including
      the proceeds received by the Company from the exercise of the underwriters’
over-allotment option, if any, and having issued a press release announcing
      when
      such separate trading will begin. 

     

    3. Terms
      and Exercise of Warrants 

     

    3.1 Warrant
      Price.
      Each
      Warrant shall, when countersigned by the Warrant Agent, entitle the registered
      holder thereof, subject to the provisions of such Warrant and of this Warrant
      Agreement, to purchase from the Company the number of shares of Common Stock
      stated therein, at the price of $5.00 per whole share, subject to the
      adjustments provided in Section 4 hereof and in the last sentence of this
      Section 3.1. The term “Warrant Price” as used in this Warrant Agreement refers
      to the price per share at which Common Stock may be purchased at the time a
      Warrant is exercised. The Company in its sole discretion may lower the Warrant
      Price at any time prior to the Expiration Date for a period of not less than
      ten
      business days; provided, that any such reduction shall be identical among all
      of
      the Warrants. 

     

    
      
        
        

      

      
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    3.2 Duration
      of Warrants.
      A
      Warrant may be exercised only during the period commencing on the later of
      (i)
      the completion by the Company of a Business Combination (as defined below)
      and
      (ii)                     ,
      2008,
      (“Exercise Period”) and terminating at 5:00 p.m., New York City time on the
      earlier to occur of (i) ______________________, 2011, or (ii) the date fixed
      for
      redemption of the Warrants as provided in Section 6 of this Agreement (as
      applicable, “Expiration Date”). Except with respect to the right to receive the
      Redemption Price (as set forth in Section 6 hereunder), each Warrant not
      exercised on or before the Expiration Date shall become void, and all rights
      thereunder and all rights in respect thereof, whether or not under this
      Agreement, shall cease at the close of business on the Expiration Date. The
      Company in its sole discretion may extend the duration of the Warrants by
      delaying the Expiration Date; provided, however, that the Company will provide
      notice to registered holders of the Warrants of such extension not less than
      20
      days prior to the applicable Expiration Date; provided, further, that any such
      extension shall be identical in duration among all of the Public and Private
      Warrants, as applicable. 

     

    3.3 Exercise
      of Warrants.
      

     

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

     

    3.3.2 Issuance
      of Certificates.
      As soon
      as practicable after the exercise of any Warrant and the clearance of the funds
      in payment of the Warrant Price, the Company shall issue to the registered
      holder of such Warrant a certificate or certificates for the number of full
      shares of Common Stock to which he is entitled, registered in such name or
      names
      as may be directed by him, her or it, and if such Warrant shall not have been
      exercised in full, a new countersigned Warrant exercisable for the number of
      shares of Common Stock as to which such Warrant shall not have been exercised.
      Notwithstanding the foregoing, the Company shall not be obligated to deliver
      any
      securities pursuant to the exercise of a Warrant and shall have no obligation
      to
      settle any Warrant exercise unless a registration statement under the Act with
      respect to the Common Stock underlying such Warrant is effective, subject to
      the
      Company satisfying its obligations under Section 7.4 to use its best efforts.
      In
      the event a registration statement with respect to the Common Stock underlying
      a
      Warrant is not effective under the Act, the holder of such Warrant shall not
      be
      entitled to exercise such Warrant. Notwithstanding anything to the contrary
      contained in this Warrant Agreement, under no circumstances will the Company
      be
      required to net cash settle the exercise of the Warrants. Warrants may not
      be
      exercised by, or securities issued to, any registered holder in any state in
      which such exercise would be unlawful. As a result of the provisions of this
      Section 3.3.2, any or all of the Warrants may expire unexercised.

     

    
      
        
        

      

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

     

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

     

    3.3.5 Private
      Warrants.
      The
      Private Warrants may not be transferred until the earlier of (i) the
      consummation of a Business Combination or (ii) the Company’s dissolution and
      liquidation. A “Business Combination” shall mean any
      acquisition by merger, capital stock exchange, asset acquisition, stock purchase
      or other similar business combination consummated by the Company with one or
      more small- to mid-market U.S. and/or European based operating companies engaged
      in the delivery of Information Technology and Information Technology Enabled
      Services (ITES), Business Process Outsourcing (BPO) and/or Knowledge Process
      Outsourcing (KPO), whose operations are particularly suitable for operational
      and productivity improvements, which would include leveraging delivery centers
      located in offshore countries such as India (as described more fully in the
      Registration Statement). 

     

    4. Adjustments. 

     

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

     

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

     

    
      
        
        

      

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

     

    4.4 Replacement
      of Securities upon Reorganization, etc.
      In case
      of any reclassification or reorganization of the outstanding shares of Common
      Stock (other than a change covered by Section 4.1 or 4.2 hereof or that solely
      affects the par value of such shares of Common Stock), or in the case of any
      merger or consolidation of the Company with or into another corporation (other
      than a consolidation or merger in which the Company is the continuing
      corporation and that does not result in any reclassification or reorganization
      of the outstanding shares of Common Stock), or in the case of any sale or
      conveyance to another corporation or entity of the assets or other property
      of
      the Company as an entirety or substantially as an entirety in connection with
      which the Company is dissolved, the Warrant holders shall thereafter have the
      right to purchase and receive, upon the basis and upon the terms and conditions
      specified in the Warrants and in lieu of shares of Common Stock immediately
      theretofore purchasable and receivable upon the exercise of the rights
      represented thereby, the kind and amount of shares of stock or other securities
      or property (including cash) receivable upon such reclassification,
      reorganization, merger or consolidation, or upon a dissolution following any
      such sale or transfer, that the Warrant holder would have received if such
      Warrant holder had exercised his, her or its Warrant(s) immediately prior to
      such event; and if any reclassification also results in a change in shares
      of
      Common Stock covered by Section 4.1 or 4.2, then such adjustment shall be made
      pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions of
      this
      Section 4.4 shall similarly apply to successive reclassifications,
      reorganizations, mergers or consolidations, sales or other transfers.

     

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

     

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

     

    
      
        
        

      

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

     

    4.8 Notice
      of Certain Transactions.
      In the
      event the Company shall propose to (a) offer the holders of its Common Stock
      rights to subscribe for or to purchase any securities convertible into shares
      of
      Common Stock or shares of stock of any class or any other securities, rights
      or
      options, (b) issue any rights, options or warrants entitling the holders of
      Common Stock to subscribe for shares of Common Stock or (c) make a tender offer
      or exchange offer with respect to the Common Stock, the Company shall send
      to
      the Warrant holders a notice of such proposed action or offer. Such notice
      shall
      be mailed to the registered holders at their addresses as they appear in the
      Warrant Register, which shall specify the record date for the purposes of such
      dividend, distribution or rights, or the date such issuance or event is to
      take
      place and the date of participation therein by the holders of Common Stock,
      if
      any such date is to be fixed, and shall briefly indicate the effect of such
      action on the Common Stock and on the number and kind of any other shares of
      stock and on other property, if any, and the number of shares of Common Stock
      and other property, if any, issuable upon exercise of each Warrant and the
      Warrant Price after giving effect to any adjustment pursuant to this Article
      4
      which would be required as a result of such action. Such notice shall be given
      as promptly as practicable after the Board of Directors of the Company (the
      “Board”) has determined to take any such action and (x) in the case of any
      action covered by clause (a) or (b) above at least 10 days prior to the record
      date for determining the holders of the Common Stock for purposes of such action
      or (y) in the case of any other such action at least 20 days prior to the date
      of the taking of such proposed action or the date of participation therein
      by
      the holders of Common Stock, whichever shall be the earlier. 

     

    4.9 Other
      Events.
      If any
      event occurs as to which the foregoing provisions of this Article 4 are not
      strictly applicable or, if strictly applicable, would not, in the good faith
      judgment of the Board, fairly and adequately protect the purchase rights of
      the
      registered holders of the Warrants in accordance with the essential intent
      and
      principles of such provisions, then the Board shall make such adjustments in
      the
      application of such provisions, in accordance with such essential intent and
      principles, as shall be reasonably necessary, in the good faith opinion of
      the
      Board, to protect such purchase rights as aforesaid. 

     

    5. Transfer
      and Exchange of Warrants.
      

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    5.5 Warrant
      Execution and Countersignature.
      The
      Warrant Agent is hereby authorized to countersign and to deliver, in accordance
      with the terms of this Agreement, the Warrants required to be issued pursuant
      to
      the provisions of this Section 5, and the Company, whenever required by the
      Warrant Agent, will supply the Warrant Agent with Warrants duly executed on
      behalf of the Company for such purpose. 

     

    6. Redemption.
      

     

    6.1 Redemption.
      Subject
      to Section 6.4 hereof, not less than all of the outstanding Warrants may be
      redeemed, at the option of the Company, at any time after they become
      exercisable and prior to their expiration, at the office of the Warrant Agent,
      upon the notice referred to in Section 6.2, at the price of $.01 per Warrant
      (“Redemption Price”), provided that the last sales price of the Common Stock has
      been at least $11.50 per share, on each of twenty (20) trading days within
      any
      thirty (30) trading day period ending on the third business day prior to the
      date on which notice of redemption is given and provided that the Warrants
      and
      shares of Common Stock underlying the Warrants are covered by a registration
      statement that is effective under the Act. Because redemption is at the option
      of the Company and because such redemption is subject to conditions, any or
      all
      of the Warrants may expire unredeemed. The provisions of this Section 6.1 may
      not be modified, amended or deleted without the prior written consent of the
      Representatives. 

     

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

     

    
      
        
        

      

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

     

    6.4 Outstanding
      Warrants Only.
      The
      Company understands that the redemption rights provided for by this Section
      6
      apply only to outstanding Warrants and only during the Exercise Period. To
      the
      extent a person holds rights to purchase Warrants, such purchase rights shall
      not be extinguished by redemption. However, once such purchase rights are
      exercised, the Company may redeem the Warrants issued upon such exercise
      provided that the criteria for redemption is met, including the opportunity
      of
      the Warrant holder to exercise prior to redemption pursuant to Section 6.3.
      The
      provisions of this Section 6.4 may not be modified, amended or deleted without
      the prior written consent of the Representatives. 

     

    7. Other
      Provisions Relating to Rights of Holders of Warrants. 

     

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

     

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

     

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

     

    7.4 Registration
      of Common Stock.
      The
      Company agrees that prior to the commencement of the Exercise Period, it shall
      use its best efforts to prepare and file with the Securities and Exchange
      Commission a post-effective amendment to the Registration Statement, or a new
      registration statement, for the registration, under the Act, of all shares
      of
      Common Stock issuable upon exercise of the Warrants, and it shall use its best
      efforts to take such action as is necessary to qualify for sale in those states
      in which the Warrants were initially offered by the Company and the Common
      Stock
      issuable upon exercise of the Warrants. In either case, the Company will use
      its
      best efforts to cause the same to become effective on or prior to the
      commencement of the Exercise Period and use its best efforts to maintain the
      effectiveness of such registration statement until the expiration of the
      Warrants in accordance with the provisions of this Agreement; provided, however,
      that the Company shall not be obligated to deliver securities and shall not
      have
      penalties for failure to deliver securities, if a registration statement is
      not
      effective at the time of exercise by the holder. The provisions of this
      Section 7.4 may not be modified, amended or deleted without the prior
      written consent of the Representatives. In addition, the Company agrees to
      use
      its best efforts to register such securities under the blue sky laws of the
      states of residence of the exercising warrant holders to the extent an exemption
      is not available.

     

    
      
        
        

      

      
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    8. Concerning
      the Warrant Agent and Other Matters.
      

     

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

     

    8.2 Resignation,
      Consolidation, or Merger of Warrant Agent.
      

     

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

     

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

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    8.2.3 Merger
      or Consolidation of Warrant Agent.
      Any
      corporation into which the Warrant Agent may be merged or with which it may
      be
      consolidated or any corporation resulting from any merger or consolidation
      to
      which the Warrant Agent shall be a party shall be the successor Warrant Agent
      under this Agreement without any further act on the part of the Company or
      the
      Warrant Agent. 

     

    8.3 Fees
      and Expenses of Warrant Agent.
      

     

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

     

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

     

    8.4 Liability
      of Warrant Agent.
      

     

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

     

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

     

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

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

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

     

    9. Miscellaneous
      Provisions. 

     

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

     

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

     

     

    Trans
      Tech Services Partners Inc.

    445
      Fifth
      Avenue, Suite 30H

    New
      York,
      New York 10016

    Attn:
      Suresh Rajpal, President and Chief Executive Officer 

    

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

     

     

    Continental
      Stock Transfer & Trust Company 

    17
      Battery Place

    New
      York,
      New York 10004 

    Attn:
      Compliance Department 

     

    with
      a
      copy in each case to: 

     

    Katten
      Muchin Rosenman LLP 

    575
      Madison Avenue

    New
      York,
      New York 10022

    Attn:
      Howard S. Jacobs, Esq. 

    

    and

    

     

    Sidley
      Austin LLP

    787
      Seventh Avenue 

    New
      York,
      New York 10019 

    Attn:
      Jack I. Kantrowitz, Esq. 

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    and
      

     

    Ellenoff
      Grossman & Schole LLP 

    370
      Lexington Avenue 

    New
      York,
      New York 10017 

    Attn:
      Douglas S. Ellenoff, Esq. 

     

    and
      

     

    Maxim
      Group LLC 

    405
      Lexington Avenue 

    New
      York,
      New York 10174 

    Attn:
      Clifford A. Teller, Managing Director 

     

    and
      

    Cowen
      and
      Company, LLC

    1221
      Avenue of the Americas

    New
      York,
      New York 10020

    Attn:
      Ted
      Thoma

     

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

     

    9.4 Persons
      Having Rights under this Agreement.
      Nothing
      in this Agreement expressed and nothing that may be implied from any of the
      provisions hereof is intended, or shall be construed, to confer upon, or give
      to, any person or corporation other than the parties hereto and the registered
      holders of the Warrants and, for the purposes of Sections 2.4, 3.3.5, 6.1,
      6.4,
      7.4, 9.2 and 9.8 hereof, the Representatives, any right, remedy, or claim under
      or by reason of this Warrant Agreement or of any covenant, condition,
      stipulation, promise, or agreement hereof. The Representatives shall be deemed
      to be a third-party beneficiary of this Agreement with respect to Sections
      2.4,
      3.3.5 6.1, 6.4, 7.4, 9.2 and 9.8 hereof. All covenants, conditions,
      stipulations, promises, and agreements contained in this Warrant Agreement
      shall
      be for the sole and exclusive benefit of the parties hereto (and the
      Representatives with respect to the Sections 2.4, 3.3.5, 6.1, 6.4, 7.4, 9.2
      and
      9.8 hereof) and their successors and assigns and of the registered holders
      of
      the Warrants. This Section 9.4 shall not be modified or amended without the
      prior written consent of the Representatives. 

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

    9.8 Amendments.
      This
      Agreement may be amended by the parties hereto without the consent of any
      registered holder for the purpose of curing any ambiguity, or of curing,
      correcting or supplementing any defective provision contained herein or adding
      or changing any other provisions with respect to matters or questions arising
      under this Agreement as the parties may deem necessary or desirable and that
      the
      parties deem shall not adversely affect the interest of the registered holders.
      All other modifications or amendments, including any amendment to increase
      the
      Warrant Price or shorten the Exercise Period, shall require the written consent
      of each of the Representatives and the registered holders of a majority of
      the
      then outstanding Warrants. Notwithstanding the foregoing, the Company may lower
      the Warrant Price or extend the duration of the Exercise Period in accordance
      with Sections 3.1 and 3.2, respectively, without such consent. 

     

    9.9 Severability.
      This
      Agreement shall be deemed severable, and the invalidity or unenforceability
      of
      any term or provision hereof shall not affect the validity or enforceability
      of
      this Agreement or of any other term or provision hereof. Furthermore, in lieu
      of
      any such invalid or unenforceable term or provision, the parties hereto intend
      that there shall be added as a part of this Agreement a provision as similar
      in
      terms to such invalid or unenforceable provision as may be possible and be
      valid
      and enforceable.

     

    (Remainder
      of the document intentionally left blank. Signature page to
      follow)

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

     

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

     

    
      	 	 	 
	 	
              TRANSTECH
                SERVICES PARTNERS INC.

            
	Attest:	 
 	 
 
	 	By:  	 
	
              
                

              

               

            	
               

              Name:  

            	
              
                

              

              Suresh Rajpal

            
	 	
              Title:

            	
              President
                and Chief Executive Officer

            

    

    
       

      
        	 	 	 
	 	
                
                  CONTINENTAL
                    STOCK TRANSFER & TRUST COMPANY

                

              
	Attest:	 
 	 
 
	 	By:  	 
	
                
                  

                

                 

              	
                 

                Name:  

              	
                
Steve
                G. Nelson 
	 	
                Title:

              	
                President
                  and Chairman of the Board

              

      

      

        
          
            
            

          

          
            14Unassociated Document

    Exhibit
      4.5

     

    THE
      REGISTERED HOLDER OF THIS PURCHASE OPTION, BY ITS ACCEPTANCE HEREOF, AGREES
      THAT
      IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION, EXCEPT AS HEREIN
      PROVIDED, AND THE REGISTERED HOLDER OF THIS PURCHASE OPTION AGREES IT WILL
      NOT
      SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION FOR A PERIOD
      OF SIX MONTHS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER
      THAN
      (I) COWEN & CO. INC. (“COWEN”) OR MAXIM GROUP LLC (“MAXIM”) OR THEIR
      RESPECTIVE AFFILIATES OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION
      WITH
      THE OFFERING (DEFINED HEREIN), OR (II) A BONA FIDE OFFICER, PARTNER OR EMPLOYEE
      OF COWEN, MAXIM OR OF ANY SUCH UNDERWRITER OR SELECTED
      DEALER.

     

    THIS
      PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF: (I)
      __________________,
      2007 [SIX
      MONTHS FROM EFFECTIVE DATE]
      AND (II) THE CONSUMMATION BY TRANSTECH SERVICES PARTNERS INC. (THE “COMPANY”) OF
      A MERGER, CAPITAL STOCK EXCHANGE, ASSET ACQUISITION OR OTHER SIMILAR BUSINESS
      COMBINATION (A “BUSINESS COMBINATION”) (AS DESCRIBED MORE FULLY IN THE COMPANY’S
      REGISTRATION STATEMENT (AS DEFINED HEREIN). THIS PURCHASE OPTION SHALL BE VOID
      AFTER 5:00 P.M, NEW YORK CITY LOCAL TIME, ON __________________,
2010
      [THREE
      YEARS FROM EFFECTIVE DATE].

     

    

    

    UNIT
      PURCHASE OPTION

    

    FOR
      THE PURCHASE OF

    

    281,250
      UNITS

    

    OF

    

    TRANSTECH
      SERVICES PARTNERS INC.

    

    

    1. Purchase
      Option.

    

    THIS
      CERTIFIES THAT, in consideration of $100 duly paid by or on behalf of
      ___________________
      (collectively, with its successors and permitted assigns and/or transferees,
      the
“Holder”),
      as
      registered owner of this Purchase Option, to TransTech Services Partners Inc.
      (the “Company”),
      Holder is entitled, at any time or from time to time after the closing of the
      Offering (as defined below) and during the period commencing (the “Commencement
      Date”)
      on the
      later of: (i) the consummation of a Business Combination and (ii)
__________________,
      2007
[six
      months from the effective date of the registration
      statement],
      and
      expiring (the “Expiration
      Date”)
      at or
      before 5:00 p.m., New York City local time,
__________________,
      2010
[three
      years from effective date of the registration statement],
      but not
      thereafter, to subscribe for, purchase and receive, in whole or in part, up
      to
      Two Hundred Eighty One Thousand Two Hundred Fifty (281,250) units (the
“Units”)
      of the
      Company, each Unit consisting of one share of common stock of the Company,
      par
      value $.0001 per share (the “Common
      Stock”),
      and
      one warrant (the “Warrant”)
      to
      purchase one share of Common Stock expiring three years from the effective
      date
      (the “Effective
      Date”)
      of the
      registration statement (the “Registration
      Statement”)
      pursuant to which Units are offered for sale to the public (the “Offering”).
      Except as otherwise specifically set forth herein, each Warrant is on the same
      terms and conditions as the warrants underlying the Units being registered
      for
      sale to the public by way of the Registration Statement as set forth therein
      or
      in the warrant agreement with respect thereto between the Company and
      Continental Stock Transfer & Trust Company dated as of _______________,
      2007, a form of which is attached hereto as Exhibit A.
      If the
      Expiration Date is a day on which banking institutions are authorized by law
      to
      close, then this Purchase Option shall expire on the next succeeding day that
      is
      not such a day in accordance with the terms herein. During the period ending
      on
      the Expiration Date, the Company agrees not to take any action that would
      terminate the Purchase Option. This Purchase Option is initially exercisable
      at
      $10.00 per Unit (the “Exercise
      Price”).
      The
      number of Units purchasable hereunder and the Exercise Price are subject to
      adjustment as provided in this Purchase Option.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2. Exercise.

    

    2.1 Exercise.
      This
      Purchase Option may be exercised by the Holder in whole or in part at any time
      or in part from time to time on or after the Commencement Date and before the
      Expiration Date by: (x) surrendering this Purchase Option to the Company, (y)
      delivering a subscription form in the attached hereto as Annex I (duly executed
      by the Holder) and (z) making payment of the Exercise Price in cash, certified
      or official bank check payable to the order of the Company or wire transfer
      of
      immediately available funds (to an account designated by the Company), in any
      case in an amount obtained by multiplying (a) the number of Units designated
      by
      the Holder in the subscription form by (b) the Exercise Price then in effect.
      In
      the event of a partial exercise or assignment hereof, the Company shall issue
      and deliver to or upon the order of the Holder a new Purchase Option of like
      tenor, in the name of the Holder or as the Holder (upon payment by the Holder
      of
      applicable transfer taxes) may request, evidencing the right to purchase the
      aggregate number of Units for which such Purchase Option may still be exercised.
      If the subscription rights represented hereby shall not be exercised at or
      before 5:00 p.m., New York City local time on the Expiration Date, this Purchase
      Option automatically shall become and be void, without further force or effect,
      and all rights represented hereby shall cease and expire.

    

    2.2 Legend.
      Each
      certificate for the Units issued upon exercise of this Purchase Option and
      each
      certificate representing the underlying Common Stock and Warrants and the Common
      Stock issuable upon exercise of the underlying Warrants (the “Warrant
      Shares”)
      shall
      bear a legend as follows, unless such Units, Common Stock, Warrants and/or
      Warrant Shares (collectively, the “Securities”)
      have
      been registered under the Securities Act of 1933, as amended (the “Act”):

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “THE
      SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
      ACT
      OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND
      NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD,
      TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION
      FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION
      OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.”

    

    2.3 Cashless
      Exercise.
      In lieu
      of the payment of the Exercise Price multiplied by the number of Units for
      which
      this Purchase Option is exercisable (and in lieu of being entitled to receive
      Common Stock and Warrants) in the manner required by Section 2.1, the Holder
      shall have the right (but not the obligation) to convert any exercisable but
      unexercised portion of this Purchase Option into Units (the “Conversion
      Right”)
      as
      follows: upon exercise of the Conversion Right, the Company shall deliver to
      the
      Holder (without payment by the Holder of any of the Exercise Price in cash)
      that
      number of shares of Common Stock and Warrants comprising that number of Units
      equal to the quotient obtained by dividing (x) the Value (as defined below)
      of
      the portion of the Purchase Option being converted by (y) the Current Market
      Value (as defined below) of the portion of the Purchase Option being converted.
      The “Value”
of
      the
      portion of the Purchase Option being converted shall equal the remainder derived
      from subtracting (a) (i) the Exercise Price multiplied by (ii) the number of
      Units underlying the portion of this Purchase Option being converted from (b)
      the Current Market Value (as defined below) of a Unit multiplied by the number
      of Units underlying the portion of the Purchase Option being converted. As
      used
      herein, the term “Current
      Market Value”
per
      Unit at any date means: (A) in the event that neither the Units nor Warrants
      are
      still trading, the remainder derived from subtracting (x) the exercise price
      of
      the Warrants multiplied by the number of shares of Common Stock issuable upon
      exercise of the Warrants underlying one Unit from (y) (i) the Current Market
      Price of the Common Stock multiplied by (ii) the number of shares of Common
      Stock underlying one Unit, which shall include the shares of Common Stock
      underlying the Warrants included in such Unit less the Exercise Price for the
      Unit plus the current Market Price of the Common Stock underlying the Unit;
      (B)
      in the event that the Units, Common Stock and Warrants are still trading, (i)
      if
      the Units are listed on a national securities exchange or quoted on the Nasdaq
      Global Market, Nasdaq Capital Market or NASD OTC Bulletin Board (or successor
      such as the Bulletin Board Exchange), the average of the last sale price of
      the
      Units in the principal trading market for the Units as reported by the exchange,
      Nasdaq or the NASD, as the case may be, for the ten trading days ending on
      the
      third business day prior to exercise; or (ii) if the Units are not listed on
      a
      national securities exchange or quoted on the Nasdaq Global Market, Nasdaq
      Capital Market or the NASD OTC Bulletin Board (or successor exchange), but
      is
      traded in the residual over-the-counter market, the average of the closing
      bid
      price for Units for the ten trading days ending on the third business day prior
      to exercise for which such quotations are reported by the Pink Sheets, LLC
      or
      similar publisher of such quotations; and (C) in the event that the Units are
      not still trading but the Common Stock and Warrants underlying the Units are
      still trading, the Current Market Price of the Common Stock plus the product
      of
      (x) the Current Market Price of the Warrants and (y) the number of shares of
      Common Stock underlying the Warrants included in one Unit. The “Current
      Market Price”
shall
      mean (i) if the Common Stock (or Warrants, as the case may be) is listed on
      a
      national securities exchange or quoted on the Nasdaq Global Market, Nasdaq
      Capital Market or NASD OTC Bulletin Board (or successor such as the Bulletin
      Board Exchange), the average of the sale price of the Common Stock (or Warrants)
      in the principal trading market for the Common Stock as reported by the
      exchange, Nasdaq or the NASD, as the case may be, for the ten trading days
      ending on the third business day prior to exercise; (ii) if the Common Stock
      (or
      Warrants, as the case may be) is not listed on a national securities exchange
      or
      quoted on the Nasdaq Global Market, Nasdaq Capital Market or the NASD OTC
      Bulletin Board (or successor exchange), but is traded in the residual
      over-the-counter market, the closing bid price for the Common Stock (or
      Warrants) on the last trading day preceding the date in question for which
      such
      quotations are reported by the Pink Sheets, LLC or similar publisher of such
      quotations; and (iii) if the fair market value of the Common Stock cannot be
      determined pursuant to clause (i) or (ii) above, such price as the Board of
      Directors of the Company shall determine, in good faith.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2.4
       Mechanics
      of Cashless Exercise.
      The
      Cashless Exercise Right may be exercised by the Holder on any business day
      on or
      after the Commencement Date and not later than the Expiration Date by delivering
      the Purchase Option with the duly executed exercise form attached hereto with
      the cashless exercise section completed to the Company, exercising the Cashless
      Exercise Right and specifying the total number of Units the Holder will purchase
      pursuant to such Cashless Exercise Right.

    

    2.5 No
      Cash Settlement. Notwithstanding
      anything to the contrary contained in this Purchase Option, under no
      circumstances will the Company be required to net cash settle the exercise
      of
      the Purchase Option or the Warrants underlying the Purchase Option.

    

    2.6 Effective
      Registration Statement.
      The
      Warrants underlying this Purchase Option are exercisable only during those
      periods of time in which the Company maintains the effectiveness of the
      Registration Statement. If the Company fails to maintain the effectiveness
      of
      the Registration Statement, the Warrants underlying this Purchase Option may
      expire worthless.

    

    3. Transfer.

    

    3.1 General
      Restrictions.
      Holder
      agrees that, pursuant to NASD Rule 2710(g)(1), it will not sell this Purchase
      Option during the Company’s Offering, nor shall such Holder sell, transfer,
      assign, pledge, hypothecate or otherwise dispose of this Purchase Option
      (including the Securities hereunder) or cause this Purchase Option or the
      Securities hereunder to be the subject of any hedging, short sale, derivative,
      put or call transaction that would result in the effective economic disposition
      of this Purchase Option or the Securities hereunder, except as provided for
      in
      NASD Rule 2710(g)(2). 

    

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

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4. New
      Purchase Options to be Issued.

    

    4.1 Partial
      Exercise or Transfer.
      Subject
      to the restrictions in Section 3 hereof, this Purchase Option may be exercised
      or assigned in whole or in part. In order to make any permitted assignment
      or
      transfer, the Holder must deliver to the Company the assignment form attached
      hereto as Annex II duly executed and completed, together with the Purchase
      Option and payment of all transfer taxes, if any, payable in connection
      therewith. The Company shall within five (5) business days transfer this
      Purchase Option on the books of the Company and shall execute and deliver a
      new
      Purchase Option or Purchase Options of like tenor to the appropriate assignee(s)
      expressly evidencing the right to purchase the aggregate number of Units
      purchasable hereunder or such portion of such number as shall be contemplated
      by
      any such assignment or transfer.

    

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

    

    5. Registration
      Rights.

    

    5.1 Demand
      Registration.

    

    5.1.1 Grant
      of Right.
      The
      Company, upon written demand (an “Demand
      Notice”)
      of the
      Holder(s) of at least 51% (the “Majority
      Holders”)
      of the
      Purchase Options and/or the underlying Units and/or the underlying Securities,
      agrees to register all or any portion of the Purchase Option and the underlying
      Securities (collectively, the “Registrable
      Securities”)
      as
      requested by the Majority Holders. The Company will file a registration
      statement or a post-effective amendment to the Registration Statement covering
      the Registrable Securities within sixty (60) days after receipt of the Initial
      Demand Notice and use its best efforts to have such registration statement
      or
      post-effective amendment declared effective as soon as possible thereafter,
      subject to compliance with review by the SEC. The demand for registration may
      be
      made at any time during a period of three (3) years beginning on the Effective
      Date. The Company covenants and agrees to give written notice of its receipt
      of
      any Demand Notice by any Holder(s) to all other registered Holders of the
      Purchase Options and/or the Registrable Securities within ten (10) days from
      the
      date of the receipt of any such Demand Notice.

    

    5.1.2 Terms.
      The
      Company shall bear all fees and expenses attendant to registering the
      Registrable Securities, including the expenses of one legal counsel selected
      by
      the Holders to represent them in connection with the registration of the
      Registrable Securities, but the Holders shall pay any and all underwriting
      commissions. The Company agrees to use its reasonable best efforts to qualify
      or
      register the Registrable Securities in such States as are reasonably requested
      by the Majority Holder(s); provided,
      however,
      that in
      no event shall the Company be required to register the Registrable Securities
      in
      a State in which such registration would cause (i) the Company to be obligated
      to qualify to do business in such State, or would subject the Company to
      taxation as a foreign corporation doing business in such jurisdiction or (ii)
      the principal stockholders of the Company to be obligated to escrow their shares
      of capital stock of the Company. The Company shall cause any registration
      statement or post-effective amendment filed pursuant to the demand rights
      granted under Section 5.1.1 to remain effective for a period of two (2) years
      from the effective date of such registration statement or post-effective
      amendment.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5.2 “Piggy-Back”
      Registration.

    

    5.2.1 Grant
      of Right.
      If at
      any time during a period of seven (7) years commencing on the Effective Date
      when there is not an effective registration statement covering all of the
      Registrable Securities, the Company shall determine to prepare and file with
      the
      SEC a registration statement relating to an offering under the Act of any of
      its
      securities, other than pursuant to SEC Form S-4 or S-8 or any equivalent form,
      the Company, upon the request of any Holder, as described below, shall cause
      the
      registration under the Act of the Registrable Securities as part of any such
      registration statement filed by the Company; provided,
      however,
      that
      if, in the written opinion of the Company’s managing underwriter or
      underwriters, if any, for such offering, the inclusion of the Registrable
      Securities, when added to the securities being registered by the Company or
      the
      selling stockholder(s), will exceed the maximum amount of the Company’s
      securities (the “Maximum
      Number of Shares”)
      which
      can be marketed (i) at a price reasonably related to their then current market
      value, and (ii) without materially and adversely affecting the entire offering,
      then the Company shall include in any such registration:

    

    (i) If
      the
      registration is undertaken for the Company’s account: (A) first, the shares of
      Common Stock or other securities that the Company desires to sell that can
      be
      sold without exceeding the Maximum Number of Shares; (B) second, to the extent
      that the Maximum Number of Shares has not been reached under the foregoing
      clause (A), the shares of Common Stock, if any, including the Registrable
      Securities, as to which registration has been requested pursuant to written
      contractual piggy-back registration rights of security holders (pro rata in
      accordance with the number of shares of Common Stock which each such person
      has
      actually requested to be included in such registration, regardless of the number
      of shares of Common Stock with respect to which such persons have the right
      to
      request such inclusion) that can be sold without exceeding the Maximum Number
      of
      Shares; and

    

    (ii) If
      the
      registration is a “demand” registration undertaken at the demand of persons
      other than the holders of Registrable Securities pursuant to written contractual
      arrangements with such persons, (A) first, the shares of Common Stock for the
      account of the demanding persons that can be sold without exceeding the Maximum
      Number of Shares; (B) second, to the extent that the Maximum Number of Shares
      has not been reached under the foregoing clause (A), the shares of Common Stock
      or other securities that the Company desires to sell that can be sold without
      exceeding the Maximum Number of Shares; and (C) third, to the extent that the
      Maximum Number of Shares has not been reached under the foregoing clauses (A)
      and (B), the Registrable Securities as to which registration has been requested
      under this Section 5.2 (pro rata in accordance with the number of shares of
      Registrable Securities held by each such holder); and (D) fourth, to the extent
      that the Maximum Number of Shares has not been reached under the foregoing
      clauses (A), (B) and (C), the shares of Common Stock, if any, as to which
      registration has been requested pursuant to written contractual piggy-back
      registration rights which other shareholders desire to sell that can be sold
      without exceeding the Maximum Number of Shares.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5.2.2 Terms.
      The
      Company shall bear all fees and expenses attendant to registering the
      Registrable Securities, including the reasonable expenses of one legal counsel
      selected by the Holders to represent them in connection with the registration
      of
      the Registrable Securities but the Holders shall pay any and all underwriting
      commissions related to the Registrable Securities. In the event of such a
      proposed registration, the Company shall furnish the then Holders of outstanding
      Registrable Securities with not less than fifteen (15) days’ written notice
      prior to the proposed date of filing of such registration statement. Such notice
      to the Holders shall continue to be given for each applicable registration
      statement filed (during the period in which the Purchase Option is exercisable)
      by the Company until such time as all of the Registrable Securities have been
      registered and sold. The holders of the Registrable Securities shall exercise
      the “piggy-back” rights provided for herein by giving written notice, within ten
      days of the receipt of the Company’s notice of its intention to file a
      registration statement. The Company shall cause any registration statement
      filed
      pursuant to the above “piggyback” rights to remain effective for at least nine
      months from the date that the Holders of the Registrable Securities are first
      given the opportunity to sell all of such securities. The
      Company agrees, at its sole expense, to use its reasonable best efforts to
      qualify or register the Registrable Securities in such States as are reasonably
      requested by the Majority Holder(s); provided, however, that in no event shall
      the Company be required to register the Registrable Securities in a State in
      which such registration would cause (i) the Company to be obligated to qualify
      to do business in such State, or would subject the Company to taxation as a
      foreign corporation doing business in such jurisdiction or (ii) the principal
      stockholders of the Company to be obligated to escrow their shares of capital
      stock of the Company. 

    

    5.3 General
      Terms.

    

    5.3.1 Indemnification.
      The
      Company shall, notwithstanding any termination of this Purchase Option,
      indemnify and hold harmless each Holder, the officers, directors, agents,
      brokers, investment advisors and employees of each of them and each person,
      if
      any, who controls such Holders within the meaning of Section 15 of the Act
      or
      Section 20(a) of the Securities Exchange Act of 1934, as amended (the
“Exchange
      Act”),
      and the
      officers, directors, agents and employees of such controlling person, to the
      fullest extent permitted by applicable law, from and against
      all loss, claim, damage, expense or liability (including all reasonable
      attorneys’ fees and other expenses reasonably incurred in investigating,
      preparing or defending against litigation, commenced or threatened, or any
      claim
      whatsoever whether arising out of any action between the underwriter and the
      Company or between the underwriter and any third party or otherwise) to which
      any of them may become subject under the Act, the Exchange Act or otherwise,
      arising out of or relating to such registration statement filed pursuant to
      this
      Section 5 and any prospectus contained in the registration statement or in
      any
      amendment or supplement thereto, except only to the same extent and with the
      same effect as the provisions pursuant to which the Company has agreed to
      indemnify the underwriters contained in Section 5.1 of the Underwriting
      Agreement between the Company, Cowen, Maxim and the other underwriters named
      therein dated the Effective Date. Each Holder of the Registrable Securities
      to
      be sold pursuant to such registration statement, and their successors and
      assigns, shall severally, and not jointly, indemnify the Company, its officers
      and directors and each person, if any, who controls the Company within the
      meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, against
      all loss, claim, damage, expense or liability (including all reasonable
      attorneys’ fees and other expenses reasonably incurred in investigating,
      preparing or defending against any claim whatsoever) to which they may become
      subject under the Act, the Exchange Act or otherwise, arising from information
      furnished by or on behalf of such Holders, or their successors or assigns,
      in
      writing, for specific inclusion in such registration statement to the same
      extent and with the same effect as the provisions contained in Section 5.2
      of
      the Underwriting Agreement pursuant to which the underwriters have agreed to
      indemnify the Company.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

    

    5.3.3 Documents
      Delivered to Holders.
      The
      Company shall furnish Cowen and Maxim, as representatives of the Holders
      participating in any of the foregoing offerings, a signed counterpart, addressed
      to the participating Holders, of (i) an opinion of counsel to the Company,
      dated
      the effective date of such registration statement (and, if such registration
      includes an underwritten public offering, an opinion dated the date of the
      closing under any underwriting agreement related thereto), and (ii) a “cold
      comfort” letter dated the effective date of such registration statement (and, if
      such registration includes an underwritten public offering, a letter dated
      the
      date of the closing under the underwriting agreement) signed by the independent
      public accountants who have issued a report on the Company’s financial
      statements included in such registration statement, in each case covering
      substantially the same matters with respect to such registration statement
      (and
      the prospectus included therein) and, in the case of such accountants’ letter,
      with respect to events subsequent to the date of such financial statements,
      as
      are customarily covered in opinions of issuer’s counsel and in accountants’
letters delivered to underwriters in underwritten public offerings of
      securities. The Company shall also deliver promptly to Cowen and Maxim, as
      representative of the Holders participating in the offering, the correspondence
      and memoranda described below and copies of all correspondence between the
      Commission and the Company, its counsel or auditors and all memoranda relating
      to discussions with the Commission or its staff with respect to the registration
      statement and permit Cowen and Maxim, as representatives of the Holders, to
      do
      such investigation, upon reasonable advance notice, with respect to information
      contained in or omitted from the registration statement as it deems reasonably
      necessary to comply with applicable securities laws or rules of the National
      Association of Securities Dealers, Inc. (the “NASD”).
      Such
      investigation shall include access to books, records and properties and
      opportunities to discuss the business of the Company with its officers and
      independent auditors, all to such reasonable extent and at such reasonable
      times
      and as often as Cowen and Maxim, as the representatives of the Holders, shall
      reasonably request. The Company shall not be required to disclose any
      confidential information or other records to Cowen or Maxim, as representatives
      of the Holders, or to any other person, until and unless such persons shall
      have
      entered into reasonable confidentiality agreements (in form and substance
      reasonably satisfactory to the Company), with the Company with respect
      thereto.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5.3.4 Documents
      to be Delivered by Holder(s).
      Each
      Holder participating in any of the foregoing offerings shall furnish to the
      Company a completed and executed questionnaire provided by the Company
      requesting information customarily sought of selling
      securityholders.

    

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

    

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

    

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

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    6. Adjustments.

    

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

    

    6.1.1 Stock
      Dividends - Split-Ups.
      If
      after the date hereof, the number of outstanding shares of Common Stock is
      increased by a stock dividend payable in shares of Common Stock or by a split-up
      of shares of Common Stock or other similar event, then, on the effective date
      thereof, the number of shares of Common Stock underlying each of the Units
      purchasable hereunder shall be increased in proportion to such increase in
      outstanding shares. In such case, the number of shares of Common Stock, and
      the
      exercise price applicable thereto, underlying the Warrants underlying each
      of
      the Units purchasable hereunder shall be adjusted in accordance with the terms
      of the Warrants. For example, if the Company declares a two-for-one stock
      dividend and at the time of such dividend this Purchase Option is for the
      purchase of one Unit at $10.00 per whole Unit (each Warrant underlying the
      Units
      is exercisable for $5.00 per share), upon effectiveness of the dividend, this
      Purchase Option will be adjusted to allow for the purchase of one Unit at $10.00
      per Unit, each Unit entitling the holder to receive two shares of Common Stock
      and two Warrants (each Warrant exercisable for $2.50 per share).

    

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

    

    6.1.3 Replacement
      of Securities upon Reorganization, etc.
      In case
      of any reclassification or reorganization of the outstanding shares of Common
      Stock other than a change covered by Section 6.1.1 or 6.1.2 hereof or that
      solely affects the par value of such shares of Common Stock, or in the case
      of
      any merger or consolidation of the Company with or into another corporation
      (other than a consolidation or merger in which the Company is the continuing
      corporation and that does not result in any reclassification or reorganization
      of the outstanding shares of Common Stock), or in the case of any sale or
      conveyance to another corporation or entity of the property of the Company
      as an
      entirety or substantially as an entirety in connection with which the Company
      is
      dissolved, the Holder of this Purchase Option shall have the right thereafter
      (until the expiration of the right of exercise of this Purchase Option) to
      receive upon the exercise hereof, for the same aggregate Exercise Price payable
      hereunder immediately prior to such event, the kind and amount of shares of
      stock or other securities or property (including cash) receivable upon such
      reclassification, reorganization, merger or consolidation, or upon a dissolution
      following any such sale or transfer, by a Holder of the number of shares of
      Common Stock of the Company obtainable upon exercise of this Purchase Option
      and
      the underlying Warrants immediately prior to such event; and if any
      reclassification also results in a change in shares of Common Stock covered
      by
      Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections
      6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall
      similarly apply to successive reclassifications, reorganizations, mergers or
      consolidations, sales or other transfers.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    8. Certain
      Notice Requirements.

    

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

    

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

    

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

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

    

    TransTech
      Services Partners Inc.

    445
      Fifth
      Avenue

    Suite
      30H

    New
      York,
      New York 10016

    Attn:
      Suresh Rajpal, Chief Executive Officer and President

    Fax
      No.:
      __________________________

    

    9. Miscellaneous.

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    9.5 Governing
      Law; Submission to Jurisdiction.
      This
      Purchase Option shall be governed by and construed and enforced in accordance
      with the laws of the State of New York, without giving effect to conflict of
      laws. Each of the Company, Cowen and Maxim agree that any action, proceeding
      or
      claim against it arising out of, or relating in any way to this Purchase Option
      shall be brought and enforced in the courts of the State of New York located
      in
      New York County or of the United States of America for the Southern District
      of
      New York, and irrevocably submits to such jurisdiction, which jurisdiction
      shall
      be exclusive. Each of the Company, Cowen and Maxim hereby waives any objection
      to such exclusive jurisdiction and that such courts represent an inconvenient
      forum. Any process or summons to be served upon the Company may be served by
      transmitting a copy thereof by registered or certified mail, return receipt
      requested, postage prepaid, addressed to it at the address set forth in Section
      8 hereof. Such mailing shall be deemed personal service and shall be legal
      and
      binding upon the Company in any action, proceeding or claim. The Company and
      the
      Holder agree that the prevailing party(ies) in any such action shall be entitled
      to recover from the other party(ies) all of its reasonable attorneys’ fees and
      expenses relating to such action or proceeding and/or incurred in connection
      with the preparation therefor.

    

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

    

    9.7 Execution.
      It is
      agreed that deliver of the Company’s signature hereon by facsimile or other
      electronic method of delivery shall constitute a valid signature and
      delivery.

    

    9.8
       Exchange
      Agreement.
      As a
      condition of the Holder’s receipt and acceptance of this Purchase Option, Holder
      agrees that, at any time prior to the complete exercise of this Purchase Option
      by Holder, if the Company, Cowen and Maxim enter into an agreement (an
“Exchange
      Agreement”)
      pursuant to which they agree that all outstanding Purchase Options will be
      exchanged for securities or cash or a combination of both, then Holder shall
      agree to such exchange and become a party to the Exchange
      Agreement.

     

    9.9 Underlying
      Warrants.
      At any
      time after exercise by the Holder of this Purchase Option, the Holder may
      exchange his Warrants for Public Warrants upon payment to the Company of the
      difference between the exercise price of his Warrant and the exercise price
      of
      the Public Warrants, if any.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the Company has caused this Purchase Option to be signed by
      its
      duly authorized officer as of the _____
      day of
____________,
      2007.

    

    

    
      	 	 	
              TRANSTECH
                SERVICES PARTNERS INC.

              

              

              By:
                _________________________________

              Name:  

              Title:
                

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      A

    

    

    [Form
      of
      Warrant Agreement]

     

     

     

     

    

 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Annex
      I

    

    Form
      to
      be used to exercise Purchase Option

    

    TRANSTECH
      SERVICES PARTNERS INC.

    _________________________

    _________________________

    

    Date:_________________,
      200__

    

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

    

    or

    

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

     

    
 

    
      	 	
              ________________________

              Signature

              

              ________________________

              Signature
                Guaranteed

            	 

    

    
 

    INSTRUCTIONS
      FOR REGISTRATION OF SECURITIES

    

    

    Name_____________________________________________________________

    (Print
      in
      Block Letters)

    

    Address__________________________________________________________

    

    

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Annex
      II

    

    Form
      to
      be used to assign Purchase Option

    

    

    ASSIGNMENT

    

    

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

    

    FOR
      VALUE
      RECEIVED,___________________________________________ does hereby sell, assign
      and transfer unto______________________________________ the right to purchase
      __________ Units of Transtech Services Partners Inc. (the “Company”)
      evidenced by the within Purchase Option and does hereby authorize the Company
      to
      transfer such right on the books of the Company.

    

    Dated:___________________,
      200_

    

    

    
      	 	
              ______________________

              Signature

              

              

              ______________________

              Signature
                Guaranteed

            	 

    

    

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

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