Document:

Board of Directors
Representation — Term Sheet 

Between:               Mr. James Paterson, and
                       Essential Innovations Technology Corp.

To:                    Mr. James Paterson

From:                  Mr. Jason McDiarmid, President/CEO
                       Essential Innovations Technology Corp.

Re: Position with
Essential Innovations Technology Corp. Board of Directors 

This Term Sheet is to serve as a
binding agreement between parties as it relates to Mr. James Paterson and his active role
as a member of the Essential Innovations Technology Corp., Board of Directors. 

This document is to provide absolute
clarity as to the terms of the working relationship that will now officially appoint Mr.
James Paterson to the Board of Directors of Essential Innovations Technology Corp. 

General Responsibilities will
include, but not be limited to, providing corporate advisory services relating to: 

        o Accounting and finance requirements
        o M&A strategy and planning
        o Providing assistance and guidance with the development of conventional banking facilities
        o Acting as Independent Member of the EI Audit Committee
        o Assisting in the raising of financing for the Company whether debt and/or equity
        o Responsible for introductions to help develop markets for the EI products
        o Corporate structuring issues

The Initial period and term for the
agreement is recognized to be 1 year from an effective date of September 7, 2006. It has
been agreed between Mr. James Paterson and Essential Innovations Technology Corp. that
compensation for services on the Board of Directors for this 1-year period is to be: 

        o 175,000 common shares of 144 stock on his signing

     Mr. James Paterson will also be granted an option agreement for 250,000 shares
          vesting immediately upon signing, priced @ $0.30/share, exercisable until
          September 7th, 2011. 

Assuming both parties are satisfied
at the end of the 1-year term, the Agreement will be reviewed to be renewed for another 1
year. 

The Company will reimburse the
undersigned for all reasonable and pre-disclosed out-of-pocket expenses incurred by the
undersigned in entering into and performing this agreement, including (but not limited to)
travel and communication expenses.  Such reimbursable expenses will be payable upon
receipt by the Company of the undersigned’s invoices. 

In the event that there are to be
board meetings for which attendance is necessary in person, telephonically or otherwise,
then compensation will be due to the Board Member as follows: 

If telephonically then the Board
member will be paid $500/ call, or 

If in person, then $1,000/ day + all travel
(Business Class), food and accommodation expenses 

Heretofore,  this Term Sheet has
been  agreed to between  Essential  Innovations  Technology  Corp.  and Mr.  James
Paterson. 

This Term Sheet is hereby signed and
agreed to by the principal parties to the agreement as is shown by the dates and
signatures below: 

/s/ Jason McDiarmid                                           9/07/2006
Mr. Jason McDiarmid                                           Date of Execution
President/CEO
Essential Innovations Technology Corp.

/s/ James Paterson                                            9/07/2006
Mr. James Paterson                                            Date of Execution<Page>

                                                                     EXHIBIT 4.1

NUMBER                                                                     UNITS
U-__________

SEE REVERSE FOR
CERTAIN DEFINITIONS

                    GRANAHAN MCCOURT ACQUISITION CORPORATION
                                                                           CUSIP

                UNITS CONSISTING OF ONE SHARE OF COMMON STOCK AND
                ONE WARRANT TO PURCHASE ONE SHARE OF COMMON STOCK

     THIS CERTIFIES THAT ______________________________________________ is the
owner of ____________________ Units.

     Each Unit ("Unit") consists of one (1) share of common stock, par value
$.0001 per share ("Common Stock"), of Granahan McCourt Acquisition
Corporation, a Delaware corporation (the "Corporation"), and one warrant (the
"Warrant"). The Warrant entitles the holder to purchase one (1) share of
Common Stock for [$6.00/$7.50] per share (subject to adjustment). The Warrant
will become exercisable on the later of (i) the Corporation's completion of
an acquisition of one or more assets or operating businesses in the
telecommunications and media industries through a merger, captial stock
exchange, asset or stock acquisition or other similar business combination
and (ii) ___________ [one year after the effective date of the registration
statement relating to the initial public offering of the Units]
 , and will expire unless exercised before 5:00 p.m., New York City time, on
____________, 2010, or earlier upon redemption (the "Expiration Date"). The
Common Stock and Warrants comprising the Units represented by this
certificate are not transferable separately prior to five business days
following the earlier to occur of (1) the expiration or termination of the
underwriter's over-allotment option in connection with the Corporation's
initial public offering or (2) the exercise in full of such underwriter's
over-allotment option, subject in either case to the Corporation filing a
Current Report on Form 8-K with the Securities and Exchange Commission
containing an audited balance sheet reflecting the Corporation's receipt of
the gross proceeds of its initial public offering and issuing a press
release announcing when such separate trading will begin. The terms of the
Warrant are governed by a Warrant Agreement, dated as of _______, 2006,
between the Corporation and Continental Stock Transfer & Trust Company, as
Warrant Agent, and are subject to the terms and provisions contained therein,
all of which terms and provisions the holder of this certificate consents to
by acceptance hereof. Copies of the Warrant Agreement are on file at the
office of the Warrant Agent at 17 Battery Place, New York, New York 10004,
and are available to any Warrant holder on written request and without cost.

     This certificate is not valid unless countersigned by the Transfer Agent
and Registrar of the Corporation.

     Witness the facsimile seal of the Corporation and the facsimile
signature of its duly authorized officers.

                    GRANAHAN MCCOURT ACQUISITION CORPORATION
                                    CORPORATE
                                    DELAWARE
                                      SEAL
                                      2006

By: _________________________________   ________________________________________
          Chairman of the Board                         Secretary

By: _________________________________
              Transfer Agent

<Page>

                    GRANAHAN MCCOURT ACQUISITION CORPORATION

The Corporation will furnish without charge to each stockholder who so
requests, a statement of the powers, designations, preferences and relative,
participating, optional or other special rights of each class of stock or
series thereof of the Corporation and the qualifications, limitations, or
restrictions of such preferences and/or rights.

The following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<Table>
<S>                                    <C>
TEN COM - as tenants in common         UNIF GIFT MIN ACT - ______ Custodian ______
TEN ENT - as tenants by the entireties                     (Cust)           (Minor)
JT TEN  - as joint tenants with                            under Uniform Gifts to
          right of survivorship and                        Minors Act ___________
          not as tenants in common                                       (State)
</Table>

     Additional Abbreviations may also be used though not in the above list.

     FOR VALUE RECEIVED, ___________________________ HEREBY SELL, ASSIGN AND
TRANSFER UNTO

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

_____________________________________

_____________________________________

________________________________________________________________________________
  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

________________________________________________________________________________

________________________________________________________________________________

_______________________________________________________________________ UNITS
REPRESENTED BY THE WITHIN CERTIFICATE, AND DO HEREBY IRREVOCABLY CONSTITUTE AND
APPOINT ________________ ATTORNEY TO TRANSFER THE SAID UNITS ON THE BOOKS OF THE
WITHIN NAMED CORPORATION WITH FULL POWER OF SUBSTITUTION IN THE PREMISES.

DATED: ______________                   ________________________________________
                                        NOTICE: The signature to this assignment
                                        must correspond with the name as written
                                        upon the face of the certificate in
                                        every particular, without alteration or
                                        enlargement or any change whatever.

<Page>

Signature(s) Guaranteed:

_____________________________________
THE SIGNATURE(S) SHOULD BE GUARANTEED
BY AN ELIGIBLE GUARANTOR INSTITUTION
(BANKS, STOCKBROKERS, SAVINGS AND
LOAN ASSOCIATIONS AND CREDIT UNIONS
WITH MEMBERSHIP IN AN APPROVED
SIGNATURE GUARANTEE MEDALLION PROGRAM,
PURSUANT TO S.E.C. RULE 17Ad-15).<Page>

                                                                     EXHIBIT 4.2

NUMBER                                                                    SHARES
_______

                    GRANAHAN MCCOURT ACQUISITION CORPORATION
              INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE
                                  COMMON STOCK

                                                                 SEE REVERSE FOR
                                                             CERTAIN DEFINITIONS

THIS CERTIFIES THAT                                                        CUSIP

IS THE OWNER OF

  FULLY PAID AND NON-ASSESSABLE SHARES OF THE PAR VALUE OF $0.0001 EACH OF THE
                                 COMMON STOCK OF

                    GRANAHAN MCCOURT ACQUISITION CORPORATION

TRANSFERABLE ON THE BOOKS OF THE CORPORATION IN PERSON OR BY DULY AUTHORIZED
ATTORNEY UPON SURRENDER OF THIS CERTIFICATE PROPERLY ENDORSED. THIS CERTIFICATE
IS NOT VALID UNLESS COUNTERSIGNED BY THE TRANSFER AGENT AND REGISTERED BY THE
REGISTRAR. WITNESS THE SEAL OF THE CORPORATION AND THE FACSIMILE SIGNATURES OF
ITS DULY AUTHORIZED OFFICERS.

DATED:

                    GRANAHAN MCCOURT ACQUISITION CORPORATION
                                    CORPORATE
                                    DELAWARE
                                      SEAL
                                      2006

By: _________________________________   ________________________________________
          Chairman of the Board                         Secretary

By: _________________________________
            Transfer Agent

<Page>

The following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<Table>
<S>                                      <C>
TEN COM - as tenants in common           UNIF GIFT MIN ACT - ______ Custodian ______
TEN ENT - as tenants by the entireties                       (Cust)           (Minor)
JT TEN  - as joint tenants with                              under Uniform Gifts to
          right of survivorship and                          Minors Act ___________
          not as tenants in common                                        (State)
</Table>

     Additional Abbreviations may also be used though not in the above list.

                    GRANAHAN MCCOURT ACQUISITION CORPORATION

     The Company will furnish without charge to each stockholder who so
requests the powers, designations, preferences and relative, participating,
optional or other special rights of each class of stock or series thereof of
the Corporation and the qualifications, limitations, or restrictions of such
preferences and/or rights. This certificate and the shares represented
thereby are issued and shall be held subject to all the provisions of the
Certificate of Incorporation and all amendments thereto and resolutions of
the Board of Directors providing for the issue of shares of Preferred Stock
(copies of which may be obtained from the secretary of the Corporation), to
all of which the holder of this certificate by acceptance hereof assents.

     FOR VALUE RECEIVED, ___________________________ HEREBY SELL, ASSIGN AND
TRANSFER UNTO

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

_____________________________________

_____________________________________

________________________________________________________________________________
  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

________________________________________________________________________________

________________________________________________________________________________

_____________________________________________________________________ SHARES OF
THE CAPITAL STOCK REPRESENTED BY THE WITHIN CERTIFICATE, AND DO HEREBY
IRREVOCABLY CONSTITUTE AND APPOINT ____________________ ATTORNEY TO TRANSFER THE
SAID STOCK ON THE BOOKS OF THE WITHIN NAMED CORPORATION WITH FULL POWER OF
SUBSTITUTION IN THE PREMISES.

DATED: ______________

<Page>

                                        NOTICE: The signature to this assignment
                                        must correspond with the name as written
                                        upon the face of the certificate in
                                        every particular, without alteration or
                                        enlargement or any change whatever.

Signature(s) Guaranteed:

___________________________________________
THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN
ELIGIBLE GUARANTOR INSTITUTION (BANKS,
STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS
AND CREDIT UNIONS WITH MEMBERSHIP IN AN
APPROVED SIGNATURE GUARANTEE MEDALLION
PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

     The holder of this certificate shall be entitled to receive funds from
the trust fund only in the event of the Corporation's liquidation upon
failure to consummate a business combination or if the holder seeks to
convert his respective shares into cash upon a business combination which he
voted against and which is actually completed by the Corporation. In no other
circumstances shall the holder have any right or interest of any kind in or
to the trust fund.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}]]