Document:

EXHIBIT
                                                                                                        4.4 

[FORM OF WARRANT
AGREEMENT] 

HANOVER - STC
ACQUISITION CORP. 

and 

CONTINENTAL STOCK
TRANSFER & TRUST COMPANY, as Warrant Agent 

_______________________________ 

WARRANT AGREEMENT 

Dated as of [     ], 2007 

 
	 	
	 

WARRANT AGREEMENT 

                                TABLE OF CONTENTS 

		 
	 	Page
	SECTION 1.   Appointment of Warrant Agent	1
	SECTION 2.   Warrant Certificates	1
	SECTION 3.   Execution of Warrant Certificates	1
	SECTION 4.   Registration and Countersignature	1
	SECTION 5.   Registration of Transfers and Exchanges; Transfer Restrictions	2
	SECTION 6.   Terms of Warrants	3
	      (a) 	Exercise Price and Exercise Period	3
	      (b) 	Redemption of Warrants	4
	      (c) 	Exercise Procedure	4
	      (d) 	Registration Requirement	5
	      (e) 	Expiry Upon Liquidation of Trust Account	6
	SECTION 7.   Payment of Taxes	6
	SECTION 8.   Mutilated or Missing Warrant Certificates	6
	SECTION 9.   Reservation of Warrant Shares	6
	SECTION 10. Obtaining Stock Exchange Listings	7
	SECTION 11. Adjustment of Number of Warrant Shares	7
	      (a)  	Adjustment for Change in Capital Stock	7
	      (b)  	Adjustment for Rights Issue	7
	      (c)  	Adjustment for Other Distributions	8
	      (d)  	Adjustment for Common Stock Issue	9
	      (e) 	Adjustment for Convertible Securities Issue	10
	      (f) 	Adjustment for Tender or Exchange Offer	10
	      (g) 	Consideration Received	11
	      (h)   	Defined Terms; When De Minimis Adjustment May Be Deferred 	11
	      (i) 	When No Adjustment Required	12
	      (j) 	Notice of Adjustment	12
	      (k) 	Notice of Certain Transactions	12
	      (l) 	Reorganization of Company	13
	      (m) 	Warrant Agent’s Disclaimer	13
	      (n) 	When Issuance or Payment May Be Deferred	14
	      (o) 	Adjustment in Exercise Price	14
	      (p) 	Form of Warrants	14
	      (q) 	Other Dilutive Events	15
	SECTION 12. Fractional Interests	15
	SECTION 13. Notices to Warrant Holders	15
	SECTION 14. Merger, Consolidation or Change of Name of Warrant Agent	16
	SECTION 15. Warrant Agent	16
	SECTION 16. Change of Warrant Agent	19
	SECTION 17. Notices to Company and Warrant Agent	19
	SECTION 18. Supplements and Amendments	19
	SECTION 19. Successors	20
	SECTION 20. Termination	20
	SECTION 21. Governing Law	20
	SECTION 22. Benefits of This Agreement	20
	SECTION 23. Counterparts	20
	SECTION 24. Force Majeure	20
	 	 
	Exhibit A	 
	Exhibit B Legend

 
	 	
	 

        WARRANT
AGREEMENT dated as of [ ], 2007, between Hanover - STC Acquisition Corp., a Delaware
corporation (the “Company“), and Continental Stock Transfer & Trust Company, a New
York corporation, as Warrant Agent (the “Warrant Agent”).  

        WHEREAS,
the Company proposes to issue (i) 3,250,000 warrants to be offered in a private placement
bearing the legend set forth in Exhibit B hereto (the “Sponsors’ Warrants”), and (ii) up
to 21,562,500 warrants to be offered pursuant to a registration statement filed with the
Securities and Exchange Commission (the “Public Warrants” and together with the Sponsors’
Warrants, the “Warrants“), which in each case entitle the holders thereof to purchase
shares of common stock of the Company, $0.0001 par value per share (“Common Stock,” and
the Common Stock issuable on exercise of the Warrants, the “Warrant Shares”);  

        WHEREAS,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant
Agent is willing so to act, in connection with the issuance, transfer, exchange and
exercise of Warrants and other matters as provided herein; 

        NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein set forth,
the parties hereto agree as follows: 

        SECTION
1. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as
agent for the Company in accordance with the instructions set forth hereinafter in this
Agreement, and the Warrant Agent hereby accepts such appointment. 

        SECTION
2. Warrant Certificates. The certificates evidencing the Warrants (the “Warrant
Certificates”) to be delivered pursuant to this Agreement shall be in registered form
only and shall be substantially in the form set forth in Exhibit A attached hereto.  

        SECTION
3. Execution of Warrant Certificates. Warrant Certificates shall be signed on behalf of
the Company by [its Chairman of the Board or its President or Chief Executive Officer or
a Vice President and by its Secretary or an Assistant Secretary.] Each such signature
upon the Warrant Certificates may be in the form of a facsimile signature of the present
or any future [Chairman of the Board, President, Chief Executive Officer, Vice President,
Secretary or Assistant Secretary] and may be imprinted or otherwise reproduced on the
Warrant Certificates and for that purpose the Company may adopt and use the facsimile
signature of any person who shall have been [Chairman of the Board, President, Chief
Executive Officer, Vice President, Secretary or Assistant Secretary,] notwithstanding the
fact that at the time the Warrant Certificates shall be countersigned and delivered or
disposed of he or she shall have ceased to hold such office. 

        In
case any officer of the Company who shall have signed any of the Warrant Certificates
shall cease to be such officer before the Warrant Certificates so signed shall have been
countersigned by the Warrant Agent, or disposed of by the Company, such Warrant
Certificates nevertheless may be countersigned and delivered or disposed of as though
such person had not ceased to be such officer of the Company; and any Warrant Certificate
may be signed on behalf of the Company by any person who, at the actual date of the
execution of such Warrant Certificate, shall be a proper officer of the Company to sign
such Warrant Certificate, although at the date of the execution of this Warrant Agreement
any such person was not such officer. 

        Warrant
Certificates shall be dated the date of countersignature by the Warrant Agent. 

        SECTION
4. Registration and Countersignature. Warrant Certificates shall be countersigned by the
Warrant Agent and shall not be valid for any purpose unless so countersigned. The Warrant
Agent shall, upon written instructions of the [Chairman of the Board, the President or
Chief Executive Officer, a Vice President, the Treasurer or the Chief Financial Officer]
of the Company, countersign, issue and deliver Warrants as provided in this Agreement. 

        The
Company and the Warrant Agent may deem and treat the registered holder(s) of the Warrant
Certificates as the absolute owner(s) thereof (notwithstanding any notation of ownership
or other writing thereon 

 
	 	
	 

made by anyone), for all purposes,
and neither the Company nor the Warrant Agent shall be affected by any notice to the
contrary. 

        SECTION
5. Registration of Transfers and Exchanges; Transfer Restrictions. The Warrant Agent
shall from time to time, subject to the limitations of this Section 5, register the
transfer of any outstanding Warrant Certificates upon the records to be maintained by it
for that purpose, upon surrender thereof duly endorsed or accompanied (if so required by
the Warrant Agent) by a written instrument or instruments of transfer in form
satisfactory to the Warrant Agent, duly executed by the registered holder or holders
thereof or by the duly appointed legal representative thereof or by a duly authorized
attorney. Upon any such registration of transfer, a new Warrant Certificate shall be
issued to the transferee(s) and the surrendered Warrant Certificate shall be cancelled by
the Warrant Agent. Cancelled Warrant Certificates shall thereafter be disposed of by the
Warrant Agent in its customary manner. 

        The
Sponsors’ Warrants may not be sold or transferred prior to the date that is 30 days after
the date upon which the Company completes an acquisition, through a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or other similar business
combination, of one or more businesses or assets (its “Initial Business Combination”)
(such date, the “Transfer Restriction Termination Date”) except to a Permitted Transferee
who agrees in writing with the Company (i) to be subject to such transfer restrictions
and (ii) that such Sponsors’ Warrants will be held in an escrow account established
pursuant to the Escrow Agreement referred to below until the Transfer Restriction
Termination Date. As used herein, “Permitted Transferee” means (a) immediate family
members of the holder and trusts established by the holder for estate planning purposes
or (b) affiliates of the holder. Upon issuance, the Sponsors’ Warrants will be deposited
with the [Continental Stock Transfer & Trust Company], as escrow agent (the “Escrow
Agent”) pursuant to the terms of the Escrow Agreement dated [_____], 2007 between the
Company and the Escrow Agent, (the “Escrow Agreement”), where they will remain until the
Transfer Restriction Termination Date.  

        The
holders of any Sponsors’ Warrants or Warrant Shares issued upon exercise of any Sponsors’
Warrants further agree prior to any transfer of such securities, to give written notice
to the Company expressing its desire to effect such transfer and describing briefly the
proposed transfer. Upon receiving such notice, the Company shall present copies thereof
to its counsel and the holder agrees not to make any disposition of all or any portion of
such securities unless and until: 

        (a)
there is then in effect a registration statement under the Securities Act covering such
proposed disposition and such disposition is made in accordance with such registration
statement, in which case the legends set forth in Exhibit B or Section 6(c) hereof, as
the case may be (collectively the “Legends”) with respect to such securities sold
pursuant to such registration statement shall be removed; or 

        (b)
if reasonably requested by the Company, (A) the holder shall have furnished the Company
with an opinion of counsel, reasonably satisfactory to the Company, that such disposition
will not require registration of such Securities under the Securities Act, (B) the
Company shall have received customary representations and warranties regarding the
transferee that are reasonably satisfactory to the Company signed by the proposed
transferee and (C) the Company shall have received an agreement by such transferee to the
restrictions contained in the Legends. 

        Each
Public Warrant shall initially be issued together with one share of Common Stock as a
unit (a “Unit”). The shares of Common Stock and Public Warrants comprising a Unit shall
not be separately transferable before the later of (i) five Business Days following the
earlier to occur of the expiration of the underwriters’ over-allotment option included in
the underwriting agreement with respect to the publicly offered Units and the exercise of
such option in full and (ii) the date on which the Company has filed a Form 8-K with the
Securities and Exchange Commission containing an audited balance sheet reflecting the
Company’s receipt of the gross proceeds of the offering of the Units and has issued a
press release announcing when such separate trading will begin (the later of 

 
	 	
2	 

such dates, the “Detachment Date”).
Prior to the Detachment Date, Public Warrants may be transferred or exchanged only
together with the Unit in which such Public Warrant is included, and only for the purpose
of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore,
prior to the Detachment Date, each transfer of a Public Unit on the register relating to
such Units shall operate also to transfer the Public Warrant included in such Unit.  

        Subject
to the terms of this Agreement, Warrant Certificates may be exchanged at the option of
the holder(s) thereof, when surrendered to the Warrant Agent at its principal corporate
trust office, which is currently located at the address listed in Section 17 hereof, for
another Warrant Certificate or other Warrant Certificates of like tenor and representing
in the aggregate a like number of Warrants. Any holder desiring to exchange a Warrant
Certificate shall deliver a written request to the Warrant Agent, and shall surrender,
duly endorsed or accompanied (if so required by the Warrant Agent) by a written
instrument or instruments of transfer in form satisfactory to the Warrant Agent, the
Warrant Certificate or Certificates to be so exchanged. Warrant Certificates surrendered
for exchange shall be cancelled by the Warrant Agent. Such cancelled Warrant Certificates
shall then be disposed of by such Warrant Agent in its customary manner. 

        The
Warrant Agent is hereby authorized to countersign, in accordance with the provisions of
this Section 5 and of Section 4 hereof, the new Warrant Certificates required pursuant to
the provisions of this Section 5. 

        SECTION
6.   Terms of Warrants. 

        (a)
Exercise Price and Exercise Period. 

        The
initial exercise price per share at which Warrant Shares shall be purchasable upon the
exercise of Warrants (the “Exercise Price”) shall be $6.00 per share, and each Warrant
shall be initially exercisable to purchase one share of common stock of the Company,
$0.0001 par value per share (“Common Stock”).  

        Subject
to the terms of this Agreement (including without limitation Section 6(d) below), each
Warrant holder shall have the right, which may be exercised commencing at the opening of
business on the first day of the applicable Warrant Exercise Period set forth below and
until 5:00 p.m., New York City time, on the last day of such Warrant Exercise Period, to
receive from the Company the number of fully paid and nonassessable Warrant Shares which
the holder may at the time be entitled to receive on exercise of such Warrants and
payment of the Exercise Price then in effect for such Warrant Shares. No adjustments as
to dividends will be made upon exercise of the Warrants. 

        The
“Warrant Exercise Period” shall commence (subject to Section 6(d) below), on the later of:  

        (A)
the date that is 15 months after the closing of the sale of the Warrants and 

        (B)
the date on which the Company completes its Initial Business Combination 

        and
shall end on the earlier of: 

	  	        (i)
the date that is five years from the date of the final          prospectus for the
offering of the Public Warrants; and 

	  	        (ii)
the Business Day preceding the date on which such          Warrants are redeemed pursuant
to Section 6(b) below or expire pursuant          to Section 6(e) below; 

	  	        provided
that the Sponsors’ Warrants may not be exercised          prior to the Transfer
Restriction Termination Date. 

 
	 	
3	 

	  	        The
“Closing Price” of the Common Stock on any date of determination means; 

	  	        (i)
     the closing sale price for the regular trading                            session
(without considering after hours or other                            trading outside
regular trading session hours) of the                            Common Stock (regular
way) on the American Stock                            Exchange on that date (or, if no
closing price is                            reported, the last reported sale price during
that                            regular trading session), 

	  	        (ii)
    if the Common Stock is not listed for trading on the
                           American Stock Exchange on that date, as reported in
                           the composite transactions for the principal United
                           States securities exchange on which the Common Stock
                           is so listed, 

	  	        (iii)
   if the Common Stock is not so reported, the last                            quoted bid
price for the Common Stock in the                            over-the-counter market as
reported by the OTC                            Bulletin Board, the National Quotation
Bureau or                            similar organization, or 

	  	        (iv)
    if the Common Stock is not so quoted, the average of                            the
mid-point of the last bid and ask prices for the                            Common Stock
from at least three nationally                            recognized investment banking
firms that the Company                            selects for this purpose. 

        Each
Warrant not exercised prior to 5:00 p.m., New York City time, on the last day of the
Warrant Exercise Period shall become void and all rights thereunder and all rights in
respect thereof under this Agreement shall cease as of such time. 

        (b)
Redemption of Warrants. 

        The
Company may call the Warrants for redemption, in whole and not in part, at a price of
$.01 per Warrant, upon not less than 30 days’ prior written notice of redemption to each
Warrant holder, at any time after such Warrants have become exercisable pursuant to
Section 6(a), if, and only if, (i) the Closing Price has equaled or exceeded $11.50 per
share for any 20 trading days within a 30-trading-day period ending on the third Business
Day prior to the notice of redemption to Warrant holders and (ii) at all times between
the date of such notice of redemption and the redemption date a registration statement is
in effect covering the Warrant Shares issuable upon exercise of the Warrants and a
current prospectus relating to those Warrant Shares is available. 

        Notwithstanding
the foregoing, no Sponsors’ Warrants shall be redeemable at the option of the Company so
long as they are held by the purchasers set forth in Schedule I hereto (the “Sponsors”)
or a Permitted Transferee; provided that the fact that one or more Sponsors’ Warrants are
non-redeemable because they are held by a Sponsor or a Permitted Transferee shall not
affect the Company’s right to redeem the Public Warrants and all Sponsors’ Warrants that
are not held by a Sponsor or a Permitted Transferee pursuant to the preceding paragraph. 

        (c)
Exercise Procedure. 

        A
Warrant may be exercised upon surrender to the Company at the principal stock transfer
office of the Warrant Agent, which is currently located at the address listed in Section
17 hereof, of the certificate or certificates evidencing the Warrants to be exercised
with the form of election to purchase on the reverse thereof duly filled in and signed
and such other documentation as the Warrant Agent may reasonably request, and upon
payment to the Warrant Agent for the account of the Company of the Exercise Price
(adjusted as herein provided if applicable) for the number of Warrant Shares in respect
of which such Warrants are then exercised. Payment of the aggregate Exercise Price shall
be made in cash or by certified or official bank check payable to the order of the
Company in New York Clearing House Funds, or the equivalent thereof. In no event will any
Warrants be settled on a net cash basis. 

 
	 	
4	 

        Subject
to the provisions of Section 7 hereof, upon such surrender of Warrants and payment of the
Exercise Price, the Company shall issue and cause to be delivered with all reasonable
dispatch to and in such name or names as the Warrant holder may designate, a certificate
or certificates for the number of full Warrant Shares issuable upon the exercise of such
Warrants together with cash as provided in Section 12 hereof. Such certificate or
certificates shall be deemed to have been issued and any person so designated to be named
therein shall be deemed to have become a holder of record of such Warrant Shares as of
the date of the surrender of such Warrants and payment of the Exercise Price. 

        The
Warrants shall be exercisable, at the election of the holders thereof, either in full or
from time to time in part and, in the event that a certificate evidencing Warrants is
exercised in respect of fewer than all of the Warrant Shares issuable on such exercise at
any time prior to the date of expiration of the Warrants, a new certificate evidencing
the remaining Warrant or Warrants will be issued, and the Warrant Agent is hereby
irrevocably authorized to countersign and to deliver the required new Warrant Certificate
or Certificates pursuant to the provisions of this Section 6 and of Section 4 hereof, and
the Company, whenever required by the Warrant Agent, shall supply the Warrant Agent with
Warrant Certificates duly executed on behalf of the Company for such purpose. The Warrant
Agent may assume that any Warrant presented for exercise is permitted to be so exercised
under applicable law and shall have no liability for acting in reliance on such
assumption. 

        All
Warrant Certificates surrendered upon exercise of Warrants shall be canceled by the
Warrant Agent. Such canceled Warrant Certificates shall then be disposed of by the
Warrant Agent in its customary manner. The Warrant Agent shall account promptly to the
Company with respect to Warrants exercised and concurrently pay to the Company all monies
received by the Warrant Agent for the purchase of the Warrant Shares through the exercise
of such Warrants. 

        The
Warrant Agent shall keep copies of this Agreement and any notices given or received
hereunder available for inspection by the holders with reasonable prior written notice
during normal business hours at its office. The Company shall supply the Warrant Agent
from time to time with such numbers of copies of this Agreement as the Warrant Agent may
request. 

        Certificates
evidencing Warrant Shares issued upon exercise of a Sponsors’ Warrants shall contain the
following legend: 

        THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, OR ANY STATE SECURITIES LAW, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR
OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND
ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. 

        SECURITIES
EVIDENCED BY THIS CERTIFICATE WILL BE ENTITLED TO REGISTRATION RIGHTS UNDER A
REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY. 

        (d)
Registration Requirement. Notwithstanding anything else in this Section 6, no Warrant
other than the Sponsors’ Warrants may be exercised unless at the time of exercise (i) a
registration statement covering the Warrant Shares to be issued upon exercise (other than
Warrant Shares to be issued upon exercise of any Sponsors’ Warrant) is effective under
the Act and (ii) a prospectus thereunder relating to the Warrant Shares (other than
Warrant Shares to be issued upon exercise of any Sponsors’ Warrant) is current. The
Company shall use its best efforts to have a registration statement in effect covering
Warrant Shares issuable upon exercise of the Warrants (other than Warrant Shares to be
issued upon exercise of any Sponsors’ Warrant) from the date the Warrants become
exercisable and to maintain a current prospectus relating to those Warrant Shares until
the Warrants expire or are redeemed. In the event that, at the end of the Warrant
Exercise Period, a registration statement covering the Warrant 

 
	 	
5	 

Shares to be issued upon exercise
(other than Warrant Shares to be issued upon exercise of any Sponsors’ Warrant) is not
effective under the Act, all the rights of holders hereunder shall terminate and all of
the Warrants shall expire unexercised and worthless, and as a result purchasers of the
Units will have paid the full Unit purchase price solely for the share of Common Stock
included in each Unit. In no event shall the Warrants be settled on a net cash basis nor
shall the Company be required to issue unregistered shares upon the exercise of any
Warrant that is not a Sponsors’ Warrant. In the event that the Sponsors’ Warrants are
exercised at a time when the Public Warrants cannot be exercised pursuant to this
paragraph (d), any Warrant Shares received upon exercise may only be transferred to
Permitted Transferees who agree in writing to be bound by similar restrictions on
transfer until such time as the Public Warrants may be exercised pursuant to this
paragraph (d). 

        (e)
Expiry Upon Liquidation of Trust Account. If the Company is dissolved because it fails to
effect an Initial Business Combination, all of the rights of holders hereunder shall
terminate and all of the Warrants shall expire unexercised and worthless, and as a result
purchasers of the Units will have paid the full Unit purchase price solely for the share
of Common Stock included in each Unit. 

        SECTION
7. Payment of Taxes. The Company will pay all documentary stamp taxes attributable to the
initial issuance of Warrant Shares upon the exercise of Warrants; provided, however, that
the Company shall not be required to pay any tax or taxes which may be payable in respect
of any transfer involved in the issue of any Warrant Certificates or any certificates for
Warrant Shares in a name other than that of the registered holder of a Warrant
Certificate surrendered upon the exercise of a Warrant, and the Company shall not be
required to issue or deliver such Warrant Certificates unless or until the person or
persons requesting the issuance thereof shall have paid to the Company the amount of such
tax or shall have established to the satisfaction of the Company that such tax has been
paid. 

        SECTION
8. Mutilated or Missing Warrant Certificates. In case any of the Warrant Certificates
shall be mutilated, lost, stolen or destroyed, the Company shall issue and the Warrant
Agent shall countersign, in exchange and substitution for and upon cancellation of the
mutilated Warrant Certificate, or in lieu of and substitution for the Warrant Certificate
lost, stolen or destroyed, a new Warrant Certificate of like tenor and representing an
equivalent number of Warrants, but only upon receipt of evidence satisfactory to the
Company and the Warrant Agent of such loss, theft or destruction of such Warrant
Certificate and indemnity, also satisfactory to the Company and the Warrant Agent.
Applicants for such new Warrant Certificates must pay such reasonable charges as the
Company may prescribe. 

        SECTION
9. Reservation of Warrant Shares. The Company will at all times reserve and keep
available, free from preemptive rights, out of the aggregate of its authorized but
unissued Common Stock or its authorized and issued Common Stock held in its treasury, for
the purpose of enabling it to satisfy any obligation to issue Warrant Shares upon
exercise of Warrants, the maximum number of shares of Common Stock which may then be
deliverable upon the exercise of all outstanding Warrants. The Warrant Agent shall have
no duty to verify availability of such shares set aside by the Company. 

        The
Company or, if appointed, the transfer agent for the Common Stock (the “Transfer Agent”)
and every subsequent transfer agent for any shares of the Company’s Common Stock issuable
upon the exercise of any of the Warrants will be irrevocably authorized and directed at
all times to reserve such number of authorized shares as shall be required for such
purpose. The Company will keep a copy of this Agreement on file with the Transfer Agent
and with every subsequent transfer agent for any shares of the Company’s Common Stock
issuable upon the exercise of the Warrants. The Warrant Agent is hereby irrevocably
authorized to requisition from time to time from such Transfer Agent the stock
certificates required to honor outstanding Warrants upon exercise thereof in accordance
with the terms of this Agreement. The Company will supply such Transfer Agent with duly
executed certificates for such purposes and will provide or otherwise make available any
cash which may be payable as provided in Section 12 hereof. The Company will furnish such
Transfer Agent a copy of all notices of adjustments and certificates related thereto,
transmitted to each holder pursuant to Section 13 hereof.  

 
	 	
6	 

        Before
taking any action which would cause an adjustment pursuant to Section 11 hereof to reduce
the Exercise Price below the then par value (if any) of the Warrant Shares, the Company
will take any commercially reasonable corporate action which may, in the opinion of its
counsel (which may be counsel employed by the Company), be necessary in order that the
Company may validly and legally issue fully paid and nonassessable Warrant Shares at the
Exercise Price as so adjusted. 

        The
Company covenants that all Warrant Shares which may be issued upon exercise of Warrants
will, upon payment of the Exercise Price therefor and issue, be fully paid,
nonassessable, free of preemptive rights and free from all taxes, liens, charges and
security interests with respect to the issue thereof. 

        SECTION
10. Obtaining Stock Exchange Listings. The Company will from time to time take all
commercially reasonable actions which may be necessary so that the Warrant Shares,
immediately upon their issuance upon the exercise of Warrants, will be listed on the
principal securities exchanges and markets within the United States of America, if any,
on which other shares of Common Stock are then listed. 

        SECTION
11.  Adjustment of Number of Warrant Shares. 

        The
number of Warrant Shares issuable upon the exercise of each Warrant is subject to
adjustment from time to time upon the occurrence of the events enumerated in this Section
11. For purposes of this Section 11, “Common Stock” means shares now or hereafter
authorized of any class of common stock of the Company and any other stock of the
Company, however designated, that has the right (subject to any prior rights of any class
or series of preferred stock) to participate in any distribution of the assets or
earnings of the Company without limit as to per share amount.  

	  	        (a)
Adjustment for Change in Capital Stock.  

	  	        If
the Company:  

	  	        (1)
pays a dividend or makes a distribution on its Common          Stock in either case in
shares of its Common Stock; 

	  	        (2)
subdivides its outstanding shares of Common Stock into a          greater number of
shares; 

	  	        (3)
combines its outstanding shares of Common Stock into a          smaller number of shares; 

	  	        (4)
makes a distribution on its Common Stock in shares of its          capital stock other
than Common Stock; or 

	  	        (5)
issues by reclassification of its Common Stock any shares          of its capital stock, 

then the number of shares of Common
Stock issuable upon exercise of each Warrant immediately prior to such action shall be
proportionately adjusted so that the holder of any Warrant thereafter exercised shall
receive the aggregate number and kind of shares of capital stock of the Company which he
would have owned immediately following such action if such Warrant had been exercised
immediately prior to such action. 

        The
adjustment shall become effective immediately after the record date in the case of a
dividend or distribution and immediately after the effective date in the case of a
subdivision, combination or reclassification. 

        Such
adjustment shall be made successively whenever any event listed above shall occur. 

	  	        (b)
Adjustment for Rights Issue.  

 
	 	
7	 

        If
the Company distributes any rights, options or warrants to all holders of its Common
Stock entitling them to purchase shares of Common Stock at a price per share less than
the Closing Price per share on the Business Day immediately preceding the ex-dividend
date for such distribution of rights, options or warrants, the number of shares of Common
Stock issuable upon exercise of each Warrant shall be adjusted in accordance with the
formula: 

	N’    =    N    x          O + A	 
	
           
             O  +  (A x P/M)
  
  

        where:  

        N’
= the adjusted number of shares of Common Stock issuable upon exercise of each Warrant. 

        N
= the current number of shares of Common Stock issuable upon exercise of each Warrant. 

        O
= the number of shares of Common Stock outstanding on the record date for such
distribution. 

        A
= the number of additional shares of Common Stock issuable pursuant to such rights or
warrants. 

        P
= the purchase price per share of the additional shares. 

        M
= the Closing Price per share of Common Stock on the record date. 

        The
adjustment shall be made successively whenever any such rights, options or warrants are
issued and shall become effective immediately after the record date for the determination
of stockholders entitled to receive the rights, options or warrants. If at the end of the
period during which such rights, options or warrants are exercisable, not all rights,
options or warrants shall have been exercised, the number of shares of Common Stock
issuable upon exercise of each Warrant shall be immediately readjusted to what it would
have been if “N” in the above formula had been the number of shares actually issued. 

        (c)
Adjustment for Other Distributions. 

        If
the Company distributes to all holders of its Common Stock any of its assets (including
cash) or debt securities or any rights, options or warrants to purchase debt securities,
assets or other securities of the Company (other than Common Stock), the number of shares
of Common Stock issuable upon exercise of each Warrant shall be adjusted in accordance
with the formula: 

	N’    =    N    x      M	 
	M    -    F
	 

        where: 

	 	         N’ = 	  	
the adjusted number of shares of Common Stock issuable upon exercise of each Warrant. 

	 	         N = 	  	
the current number of shares of Common Stock issuable upon exercise of each Warrant. 

	 	         M = 	  	
the Closing Price per share of Common Stock on the Business                   Day
immediately preceding the ex-dividend date for such                   distribution. 

	 	         F = 	  	
the fair market value on the ex-dividend date for such                   distribution of
the assets, securities, rights or warrants                   distributable to one share
of Common Stock after taking into                   account, in the case of any rights,
options or warrants, the                   consideration required to be paid upon
exercise thereof. The                   Board of Directors shall reasonably determine the
fair market                   value in good faith. 

        The
adjustment shall be made successively whenever any such distribution is made and shall
become effective immediately after the record date for the determination of stockholders
entitled to receive such distribution. 

 
	 	
8	 

        This
subsection (c) does not apply to regular quarterly cash dividends including increases
thereof or rights, options or warrants referred to in subsection (b) of this Section 11.
If any adjustment is made pursuant to this subsection (c) as a result of the issuance of
rights, options or warrants and at the end of the period during which any such rights,
options or warrants are exercisable, not all such rights, options or warrants shall have
been exercised, the Warrant shall be immediately readjusted as if “F” in the above
formula was the fair market value on the ex-dividend date for such distribution of the
indebtedness or assets actually distributed upon exercise of such rights, options or
warrants divided by the number of shares of Common Stock outstanding on the ex-dividend
date for such distribution. Notwithstanding anything to the contrary contained in this
subsection (c), if “M-F” in the above formula is less than $1.00, the Company may elect
to, and if “M-F” or is a negative number, the Company shall, in lieu of the adjustment
otherwise required by this subsection (c), distribute to the holders of the Warrants,
upon exercise thereof, the evidences of indebtedness, assets, rights, options or warrants
(or the proceeds thereof) which would have been distributed to such holders had such
Warrants been exercised immediately prior to the record date for such distribution. 

        (d)
Adjustment for Common Stock Issue. 

        If
the Company issues shares of Common Stock for a consideration per share less than the
Closing Price per share on the date the Company fixes the offering price of such
additional shares, the number of shares of Common Stock issuable upon exercise of each
Warrant shall be adjusted in accordance with the formula: 

	N’   =   N   x       	A
	

       O   +   P/M

	 	         	  	
where:

	 	         N’ = 	  	
the adjusted number of shares of Common Stock issuable upon exercise of each Warrant. 

	 	         N = 	  	
the current number of shares of Common Stock issuable upon exercise of each Warrant. 

	 	         O = 	  	
the number of shares outstanding immediately prior to the issuance of such additional
shares. 

	 	         P = 	  	
the aggregate consideration received for the issuance of such additional shares. 

	 	         M = 	  	
the Closing Price per share on the date of issuance of such additional shares. 

	 	         A = 	  	
the number of shares outstanding immediately after the issuance of such additional shares. 

        The
adjustment shall be made successively whenever any such issuance is made, and shall
become effective immediately after such issuance. 

        This
subsection (d) does not apply to: 

	  	        (1)
any of the transactions described in subsections (b) and          (c) of this Section 11, 

	  	        (2)
the exercise of Warrants, or the conversion or exchange of          other securities
convertible or exchangeable for Common Stock, or the          issuance of Common Stock
upon the exercise of rights or warrants issued          to the holders of Common Stock, 

	  	        (3)
Common Stock (and options exercisable therefor) issued to          the Company’s
employees, officers, directors, consultants or advisors          (whether or not still in
such capacity on the date of exercise) under          bona fide employee benefit plans or
stock option plans adopted by the          Board of Directors of the Company and approved
by the holders of Common          Stock when required by law, if such Common Stock would
otherwise be          covered by this subsection (d), 

 
	 	
9	 

	  	        (4)
Common Stock issued in a bona fide public offering for          cash, 

	  	        (5)
Common Stock issued in a bona fide private placement in which at least one           non-affiliate of the
Company participates, including without limitation the          issuance of equity as consideration or
partial consideration for          acquisitions from persons that are not affiliates of
the Company. 

        (e)
Adjustment for Convertible Securities Issue. 

        If
the Company issues any securities convertible into or exchangeable for Common Stock
(other than securities issued in transactions described in subsections (b) and (c) of
this Section 11) for a consideration per share of Common Stock initially deliverable upon
conversion or exchange of such securities less than the Closing Price per share on the
date of issuance of such securities, the number of shares of Common Stock issuable upon
exercise of each Warrant shall be adjusted in accordance with this formula: 

                 	N’   =   N   x   O   +   D	 
	
      

      
                            O   +   P/M
	 

	 	         	  	
where:

	 	         N’ = 	  	
the adjusted number of shares of Common Stock issuable upon exercise of each Warrant. 

	 	         N = 	  	
the current number of shares of Common Stock issuable upon exercise of each Warrant. 

	 	         O = 	  	
the number of shares outstanding immediately prior to the issuance of such securities. 

	 	         P = 	  	
the aggregate consideration received for the issuance of such securities. 

	 	         M = 	  	
the Closing Price per share on the date of issuance of such securities. 

	 	         D = 	  	
the maximum number of shares deliverable upon conversion or                   in exchange
for such securities at the initial conversion or                   exchange rate. 

        The
adjustment shall be made successively whenever any such issuance is made, and shall
become effective immediately after such issuance. 

        If
all of the Common Stock deliverable upon conversion or exchange of such securities have
not been issued when such securities are no longer outstanding, then the number of shares
of Common Stock issuable upon exercise of each Warrant shall promptly be readjusted to
what it would have been had the adjustment upon the issuance of such securities been made
on the basis of the actual number of shares of Common Stock issued upon conversion or
exchange of such securities. 

        This
subsection (e) does not apply to: 

	  	        (1)
convertible securities issued in a bona fide public          offering for cash; or 

	  	        (2)
convertible securities issued in a bona fide private          placement in which at least one  non-affiliate
of the Company participates, including the issuance of          convertible securities as
consideration or partial consideration for          acquisitions from persons that are
not affiliates of the Company. 

        (f)
Adjustment for Tender or Exchange Offer.If the Company or          any of its
subsidiaries makes a payment in respect of a tender offer or          exchange offer for
the Common Stock, if the cash and value of any other          consideration included in
the payment per share of the Common Stock          exceeds the Closing Price of the
Common Stock on the trading day next          succeeding the last date on which tenders
or exchanges may be made          pursuant to such  

 
	 	
10	 

tender or exchange offer, the number
of shares of          Common Stock issuable upon exercise of each Warrant will be
increased          based on the following formula: 

	N’ = No x  	AC + (SP’ > OS’)

      

      
      OSo x SP’

	 	         	  	
    where, 

	 	         N’ = 	  	
    the adjusted number of shares of Common Stock issuable upon exercise of each Warrant; 

	 	         No = 	  	
the current number of shares of Common Stock issuable upon exercise of each warrant; 

	 	         AC = 	  	
the aggregate value of all cash and any other consideration                   (as
determined by the Board of Directors of the Company) paid                   or payable
for shares purchased in such tender or exchange                   offer; 

	 	         Oso = 	  	
the number of shares of Common Stock outstanding immediately                   prior to
the date such tender or exchange offer expires; 

	 	         OS’ =
 	  	the number of shares of Common Stock outstanding immediately                   after the
date such tender or exchange offer expires; and 

	 	         SP’ = 	  	
the Closing Price of the Common Stock on the trading day                   next
succeeding the date such tender or exchange offer                   expires. 

        The
adjustment shall be made successively and shall become effective immediately following
the date such tender or exchange offer expires. 

	  	        (g)
Consideration Received. 

        For
purposes of any computation respecting consideration received pursuant to subsections
(d), (e) and (f) of this Section 11, the following shall apply: 

	  	        (1)
in the case of the issuance of shares of Common Stock for          cash, the
consideration shall be the amount of such cash, provided that          in no case shall
any deduction be made for any commissions, discounts          or other expenses incurred
by the Company for any underwriting or other          sale or disposition of the issue or
otherwise in connection therewith; 

	  	        (2)
in the case of the issuance of shares of Common Stock for          a consideration in
whole or in part other than cash, the consideration          other than cash shall be
deemed to be the fair market value thereof as          reasonably determined by the Board
of Directors of the Company          (irrespective of the accounting treatment thereof)
and described in a          Board resolution which shall be filed with the Warrant Agent;
and 

	  	        (3)
in the case of the issuance of securities convertible into          or exchangeable for
shares, the aggregate consideration received          therefor shall be deemed to be the
consideration received by the          Company for the issuance of such securities plus
the additional minimum          consideration, if any, to be received by the Company upon
the          conversion or exchange thereof for the maximum number of shares used to
         calculate the adjustment (the consideration in each case to be
         determined in the same manner as provided in clauses (1) and (2) of
         this subsection). 

	 	 
	 	
             (h)
Defined Terms; When De Minimis Adjustment May Be Deferred. 

      

      

   

	 	
11	 

        As
used in this section 11: 

        (1)
“ex-dividend date” means the first date on which the shares of Common Stock trade on the
applicable exchange or in the applicable market, regular way, without the right to
receive the issuance or distribution in question; 

        (2)
 “trading day” means, with respect to the Common Stock or any other security, a day
during which (i) trading in the Common Stock or such other security generally occurs,
(ii) there is no market disruption event (as defined below) and (iii) a Closing Price for
the Common Stock or such other security (other than a Closing Price referred to in the
next to last clause of such definition) is available for such day; provided that if the
Common Stock or such other security is not admitted for trading or quotation on or by any
exchange, bureau or other organization, “trading day” will mean any Business Day; 

        (3)
 “market disruption event” means, with respect to the Common Stock or any other security,
the occurrence or existence of more than one-half hour period in the aggregate or any
scheduled trading day for the Common Stock or such other security of any suspension or
limitation imposed on trading (by reason of movements in price exceeding limits permitted
by the stock exchange or otherwise) in the Common Stock or such other security or in any
options, contract, or future contracts relating to the Common Stock or such other
security, and such suspension or limitation occurs or exists at any time before 1:00 p.m.
(New York time) on such day; and 

        (4)
 “Business Day” means, any day on which the American Stock Exchange is open for trading
and which is not a Saturday, a Sunday or any other day on which banks in the City of New
York, New York, are authorized or required by law to close. 

        No
adjustment in the number of shares of Common Stock issuable upon exercise of each Warrant
need be made unless the adjustment would require an increase or decrease of at least 1%
in such number. Any adjustments that are not made shall be carried forward and taken into
account in any subsequent adjustment. 

        All
calculations under this Section 11 shall be made to the nearest cent or to the nearest
1/100th of a share, as the case may be. 

        (i)
When No Adjustment Required. 

        No
adjustment need be made for a transaction referred to in subsections (b), (c), (d), (e)
or (f) of this Section 11 if Warrant holders are to participate, without requiring the
Warrants to be exercised, in the transaction on a basis and with notice that the Board of
Directors of the Company reasonably determines to be fair and appropriate in light of the
basis and notice on which holders of Common Stock participate in the transaction. 

        No
adjustment need be made for a change in the par value or no par value of the Common Stock. 

        To
the extent the Warrants become convertible into cash, no adjustment need be made
thereafter as to the amount of cash into which such Warrants are exercisable. Interest
will not accrue on the cash. 

        (j)
Notice of Adjustment. 

        Whenever
the number of shares of Common Stock issuable upon exercise of each Warrant is adjusted,
the Company shall provide the notices required by Section 13 hereof. 

        (k)
Notice of Certain Transactions. 

        If: 

 
	 	
12	 

	  	        (1)
the Company takes any action that would require an          adjustment in the Exercise
Price pursuant to subsections (a), (b), (c),          (d), (e) or (f) of this Section 11
and if the Company does not arrange          for Warrant holders to participate pursuant
to subsection (i) of this          Section 11; 

	  	        (2)
the Company takes any action that would require a          supplemental Warrant Agreement
pursuant to subsection (l) of this          Section 11; or 

	  	        (3)
there is a liquidation or dissolution of the Company, 

the Company shall mail to Warrant
holders a notice stating the proposed record date for a dividend or distribution or the
proposed effective date of a subdivision, combination, reclassification, consolidation,
merger, transfer, lease, liquidation or dissolution. The Company shall mail the notice at
least 15 days before such date. Failure to mail the notice or any defect in it shall not
affect the validity of the transaction. 

        (l)
Reorganization of Company. 

        If
the Company consolidates or merges with or into, or transfers or leases all or
substantially all its assets to, any person, upon consummation of such transaction the
Warrants shall automatically become exercisable for the kind and amount of securities,
cash or other assets which the holder of a Warrant would have owned immediately after the
consolidation, merger, transfer or lease if such holder had exercised the Warrant
immediately before the effective date of the transaction; provided that (i) if the
holders of Common Stock were entitled to exercise a right of election as to the kind or
amount of securities, cash or other assets receivable upon such consolidation or merger,
then the kind and amount of securities, cash or other assets for which each Warrant shall
become exercisable shall be deemed to be the weighted average of the kind and amount
received per share by the holders of Common Stock in such consolidation or merger that
affirmatively make such election or (ii) if a tender or exchange offer shall have been
made to and accepted by the holders of Common Stock under circumstances in which, upon
completion of such tender or exchange offer, the maker thereof, together with members of
any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such
maker is a part, and together with any affiliate or associate of such maker (within the
meaning of Rule 12b-2 under the Exchange Act) and any members of any such group of which
any such affiliate or associate is a part, own beneficially (within the meaning of Rule
13d-3 under the Exchange Act) more than 50% of the outstanding shares of Common Stock,
the holder of a Warrant shall be entitled to receive the highest amount of cash,
securities or other property to which such holder would actually have been entitled as a
shareholder if such Warrant holder had exercised the Warrant prior to the expiration of
such tender or exchange offer, accepted such offer and all of the Common Stock held by
such holder had been purchased pursuant to such tender or exchange offer, subject to
adjustments (from and after the consummation of such tender or exchange offer) as nearly
equivalent as possible to the adjustments provided for in this Section 11. Concurrently
with the consummation of any such transaction, the corporation or other entity formed by
or surviving any such consolidation or merger if other than the Company, or the person to
which such sale or conveyance shall have been made, shall enter into a supplemental
Warrant Agreement so providing and further providing for adjustments which shall be as
nearly equivalent as may be practical to the adjustments provided for in this Section.
The successor Company shall mail to Warrant holders a notice describing the supplemental
Warrant Agreement. 

        If
the issuer of securities deliverable upon exercise of Warrants under the supplemental
Warrant Agreement is an affiliate of the formed, surviving, transferee or lessee
corporation, that issuer shall join in the supplemental Warrant Agreement. 

        If
this  subsection (l) applies,  subsections  (a), (b), (c), (d), (e) and (f) of this
Section 11 do not apply. 

        (m)
Warrant Agent’s Disclaimer. 

 
	 	
13	 

        The
Warrant Agent has no duty to determine when an adjustment under this Section 11 should be
made, how it should be made or what it should be. The Warrant Agent has no duty to
determine whether any provisions of a supplemental Warrant Agreement under subsection (l)
of this Section 11 are correct. The Warrant Agent makes no representation as to the
validity or value of any securities or assets issued upon exercise of Warrants. The
Warrant Agent shall not be responsible for the Company’s failure to comply with this
Section. 

        (n)
When Issuance or Payment May Be Deferred. 

        In
any case in which this Section 11 shall require that an adjustment in the number of
shares of Common Stock issuable upon exercise of each Warrant be made effective as of a
record date for a specified event, the Company may elect to defer until the occurrence of
such event (i) issuing to the holder of any Warrant exercised after such record date the
Warrant Shares and other capital stock of the Company, if any, issuable upon such
exercise over and above the Warrant Shares and other capital stock of the Company, if
any, issuable upon such exercise on the basis of the number of shares of Common Stock
issuable upon exercise of each Warrant and (ii) paying to such holder any amount in cash
in lieu of a fractional share pursuant to Section 12 hereof; provided, however, that the
Company shall deliver to such holder a due bill or other appropriate instrument
evidencing such holder’s right to receive such additional Warrant Shares, other capital
stock and cash upon the occurrence of the event requiring such adjustment. 

        (o)
Adjustment in Exercise Price. 

        Upon
each event that provides for an adjustment of the number of shares of Common Stock
issuable upon exercise of each Warrant pursuant to this Section 11, each Warrant
outstanding prior to the making of the adjustment shall thereafter have an adjusted
Exercise Price (calculated to the nearest ten millionth) obtained from the following
formula: 

	E’ = E x   	N

      

      N’

	 	                   	  	
    where:

	 	                  E’ = 	  	
    the adjusted Exercise Price. 

	 	                  E = 	  	
    the Exercise Price prior to adjustment. 

	 	                  N’ = 	  	
the adjusted number of Warrant Shares issuable upon                            exercise
of a Warrant by payment of the adjusted                            Exercise Price. 

	 	                  N = 	  	
the number of Warrant Shares previously issuable                            upon exercise
of a Warrant by payment of the Exercise                            Price prior to
adjustment. 

        Following
any adjustment to the Exercise Price pursuant to this Section 11, the amount payable,
when adjusted and together with any consideration allocated to the issuance of the
Warrants, shall never be less than the par value per Warrant Share at the time of such
adjustment. Such adjustment shall be made successively whenever any event listed above
shall occur. 

        (p)
Form of Warrants. 

        Irrespective
of any adjustments in the number or kind of shares issuable upon the exercise of the
Warrants or the Exercise Price, Warrants theretofore or thereafter issued may continue to
express the same number and kind of shares and Exercise Price as are stated in the
Warrants initially issuable pursuant to this Agreement. 

 
	 	
14	 

        (q)
Other Dilutive Events. 

        In
case any event shall occur affecting the Company, as to which the provisions of this
Section 11 are not strictly applicable, but would impact the holders of Warrants
adversely as compared to holders of Common Stock, and the failure to make any adjustment
would not fairly protect the purchase rights represented by the Warrants in accordance
with the essential intent and principles of this Section then, in each such case, the
Company shall appoint a firm of independent public accountants, investment banking or
other appraisal firm of recognized national standing which shall give their opinion upon
the adjustment, if any, on a basis consistent with the essential intent and principles
established in this Section 11, necessary to preserve, without dilution, the purchase
rights represented by the Warrants. 

        SECTION
12. Fractional Interests. The Company shall not be required to issue fractional Warrant
Shares on the exercise of Warrants. If more than one Warrant shall be presented for
exercise in full at the same time by the same holder, the number of full Warrant Shares
which shall be issuable upon the exercise thereof shall be computed on the basis of the
aggregate number of Warrant Shares purchasable on exercise of the Warrants so presented.
If any fraction of a Warrant Share would, except for the provisions of this Section 12,
be issuable on the exercise of any Warrants (or specified portion thereof), the Company
shall pay an amount in cash equal to the fair market value on the day immediately
preceding the date the Warrant is presented for exercise, multiplied by such fraction. 

        SECTION
13. Notices to Warrant Holders. Upon any adjustment of the Exercise Price pursuant to
Section 11, the Company shall promptly thereafter, and in any event within five days, (i)
cause to be filed with the Warrant Agent a certificate executed by the Chief Financial
Officer of the Company setting forth the number of Warrant Shares issuable upon exercise
of each Warrant after such adjustment and setting forth in reasonable detail the method
of calculation and the facts upon which such calculations are based, and () cause to be
given to each of the registered holders of the Warrant Certificates at his address
appearing on the Warrant register written notice of such adjustments by first-class mail,
postage prepaid. Where appropriate, such notice may be given in advance and included as a
part of the notice required to be mailed under the other provisions of this Section 13.
The Warrant Agent shall be fully protected in relying on any such certificate and on any
adjustment therein contained and shall not be deemed to have knowledge of such adjustment
unless and until it shall have received such certificate. 

        In
case: 

        (a)
the Company shall authorize the issuance to all holders of shares of Common Stock of
rights, options or warrants to subscribe for or purchase shares of Common Stock or of any
other subscription rights or warrants; or 

        (b)
the Company shall authorize the distribution to all holders of shares of Common Stock of
evidences of its indebtedness or assets (other than regular cash dividends or dividends
payable in shares of Common Stock or distributions referred to in subsection (b) of
Section 11 hereof); or 

        (c)
of any consolidation or merger to which the Company is a party and for which approval of
any shareholders of the Company is required, or of the conveyance or transfer of the
properties and assets of the Company substantially as an entirety, or of any
reclassification or change of Common Stock issuable upon exercise of the Warrants (other
than a change in par value, or from par value to no par value, or from no par value to
par value, or as a result of a subdivision or combination), or a tender offer or exchange
offer for shares of Common Stock; or 

        (d)
of the voluntary or involuntary dissolution, liquidation or winding up of the Company; or 

 
	 	
15	 

        (e)
the Company proposes to take any action not specified above which would require an
adjustment of the Exercise Price pursuant to Section 11 hereof; 

        then
the Company shall cause to be filed with the Warrant Agent and shall cause to be given to
each of the registered holders of the Warrant Certificates at his address appearing on
the Warrant register, at least 10 calendar days prior to the applicable record date
hereinafter specified, or as promptly as practicable under the circumstances in the case
of events for which there is no record date, by first-class mail, postage prepaid, a
written notice stating (i) the date as of which the holders of record of shares of Common
Stock to be entitled to receive any such rights, options, warrants or distribution are to
be determined, or (ii) the initial expiration date set forth in any tender offer or
exchange offer for shares of Common Stock, or (iii) the date on which any such
consolidation, merger, conveyance, transfer, dissolution, liquidation or winding up is
expected to become effective or consummated, and the date as of which it is expected that
holders of record of shares of Common Stock shall be entitled to exchange such shares for
securities or other property, if any, deliverable upon such reclassification,
consolidation, merger, conveyance, transfer, dissolution, liquidation or winding up. The
failure to give the notice required by this Section 13 or any defect therein shall not
affect the legality or validity of any distribution, right, option, warrant,
consolidation, merger, conveyance, transfer, dissolution, liquidation or winding up, or
the vote upon any action. 

        Nothing
contained in this Agreement or in any of the Warrant Certificates shall be construed as
conferring upon the holders thereof the right to vote or to consent or to receive notice
as shareholders in respect of the meetings of shareholders or the election of Directors
of the Company or any other matter, or any rights whatsoever as shareholders of the
Company. 

        SECTION
14. Merger, Consolidation or Change of Name 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,
or any corporation succeeding to all or substantially all the corporate trust or agency
business of the Warrant Agent, shall be the successor to the Warrant Agent hereunder
without the execution or filing of any paper or any further act on the part of any of the
parties hereto, provided that such corporation would be eligible for appointment as a
successor warrant agent under the provisions of Section 16. In case at the time such
successor to the Warrant Agent shall succeed to the agency created by this Agreement, and
in case at that time any of the Warrant Certificates shall have been countersigned but
not delivered, any such successor to the Warrant Agent may adopt the countersignature of
the original Warrant Agent; and in case at that time any of the Warrant Certificates
shall not have been countersigned, any successor to the Warrant Agent may countersign
such Warrant Certificates either in the name of the predecessor Warrant Agent or in the
name of the successor to the Warrant Agent; and in all such cases such Warrant
Certificates shall have the full force and effect provided in the Warrant Certificates
and in this Agreement. 

        In
case at any time the name of the Warrant Agent shall be changed and at such time any of
the Warrant Certificates shall have been countersigned but not delivered, the Warrant
Agent whose name has been changed may adopt the countersignature under its prior name,
and in case at that time any of the Warrant Certificates shall not have been
countersigned, the Warrant Agent may countersign such Warrant Certificates either in its
prior name or in its changed name, and in all such cases such Warrant Certificates shall
have the full force and effect provided in the Warrant Certificates and in this Agreement. 

        SECTION
15. Warrant Agent. The Warrant Agent undertakes the duties and obligations imposed by
this Agreement (and no implied duties or obligations shall be read into this Agreement
against the Warrant Agent) upon the following terms and conditions, by all of which the
Company and the holders of Warrants, by their acceptance thereof, shall be bound: 

        (a)
The statements contained herein and in the Warrant Certificates shall be taken as
statements of the Company and the Warrant Agent assumes no responsibility for the
correctness of any of the same except such  

 
	 	
16	 

as describe the Warrant Agent or
action taken or to be taken by it. The Warrant Agent assumes no responsibility with
respect to the distribution of the Warrant Certificates except as herein otherwise
provided. 

        (b)
The Warrant Agent shall not be responsible for any failure of the Company to comply with
any of the covenants contained in this Agreement or in the Warrant Certificates to be
complied with by the Company. 

        (c)
The Warrant Agent may consult at any time with counsel of its own selection (who may be
counsel for the Company) and the Warrant Agent shall incur no liability or responsibility
to the Company or to any holder of any Warrant Certificate in respect of any action
taken, suffered or omitted by it hereunder in good faith and in accordance with the
opinion or the advice of such counsel. The Warrant Agent may execute any of the trusts or
powers hereunder or perform any duties hereunder either directly or through agents or
attorneys and the Warrant Agent shall not be responsible for any misconduct or negligence
on the part of any agent or attorney appointed with due care by it hereunder. 

        (d)
The Warrant Agent may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to
the Warrant Agent and conforming to the requirements of this Agreement. The Warrant Agent
shall incur no liability or responsibility to the Company or to any holder of any Warrant
Certificate for any action taken in reliance on any Warrant Certificate, certificate of
shares, notice, resolution, waiver, consent, order, certificate, or other paper, document
or instrument (whether in its original or facsimile form) believed by it to be genuine
and to have been signed, sent or presented by the proper party or parties. 

        (e)
The Company agrees to pay to the Warrant Agent such compensation for all services
rendered by the Warrant Agent in the administration and execution of this Agreement as
the Company and the Warrant Agent shall agree in writing to reimburse the Warrant Agent
for all expenses, taxes and governmental charges and other charges of any kind and nature
incurred by the Warrant Agent in the execution of this Agreement (including fees and
expenses of its counsel) and to indemnify the Warrant Agent (and any predecessor Warrant
Agent) and save it harmless against any and all claims (whether asserted by the Company,
a holder or any other person), damages, losses, expenses (including taxes other than
taxes based on the income of the Warrant Agent), liabilities, including judgments, costs
and counsel fees and expenses, for anything done or omitted by the Warrant Agent in the
execution of this Agreement except as a result of its negligence or willful misconduct.
The provisions of this Section 15(e) shall survive the expiration of the Warrants and the
termination of this Agreement. 

        (f)
The Warrant Agent shall be under no obligation to institute any action, suit or legal
proceeding or to take any other action likely to involve expense unless the Company or
one or more registered holders of Warrant Certificates shall furnish the Warrant Agent
with security and indemnity satisfactory to it for any costs and expenses which may be
incurred, but this provision shall not affect the power of the Warrant Agent to take such
action as it may consider proper, whether with or without any such security or indemnity.
All rights of action under this Agreement or under any of the Warrants may be enforced by
the Warrant Agent without the possession of any of the Warrant Certificates or the
production thereof at any trial or other proceeding relative thereto, and any such
action, suit or proceeding instituted by the Warrant Agent shall be brought in its name
as Warrant Agent and any recovery of judgment shall be for the ratable benefit of the
registered holders of the Warrants, as their respective rights or interests may appear. 

        (g)
The Warrant Agent, and any stockholder, director, officer or employee of it, may buy,
sell or deal in any of the Warrants or other securities of the Company or become
pecuniarily interested in any transaction in which the Company may be interested, or
contract with or lend money to the Company or otherwise act as fully and freely as though
it were not Warrant Agent under this Agreement. Nothing herein shall preclude the Warrant
Agent from acting in any other capacity for the Company or for any other legal entity. 

 
	 	
17	 

        (h)
The Warrant Agent shall act hereunder solely as agent for the Company, and its duties
shall be determined solely by the provisions hereof. The Warrant Agent shall not be
liable for anything which it may do or refrain from doing in connection with this
Agreement except for its own negligence or willful misconduct. The Warrant Agent shall
not be liable for any error of judgment made in good faith by it, unless it shall be
proved that the Warrant Agent was negligent in ascertaining the pertinent facts.
Notwithstanding anything in this Agreement to the contrary, in no event shall the Warrant
Agent be liable for special, indirect, punitive or consequential loss or damage of any
kind whatsoever (including but not limited to lost profits), even if the Warrant Agent
has been advised of the likelihood of the loss or damage and regardless of the form of
the action. 

        (i)
The Warrant Agent shall not at any time be under any duty or responsibility to any holder
of any Warrant Certificate to make or cause to be made any adjustment of the Exercise
Price or number of the Warrant Shares or other securities or property deliverable as
provided in this Agreement, or to determine whether any facts exist which may require any
of such adjustments, or with respect to the nature or extent of any such adjustments,
when made, or with respect to the method employed in making the same. The Warrant Agent
shall not be accountable with respect to the validity or value or the kind or amount of
any Warrant Shares or of any securities or property which may at any time be issued or
delivered upon the exercise of any Warrant or with respect to whether any such Warrant
Shares or other securities will when issued be validly issued and fully paid and
nonassessable, and makes no representation with respect thereto. 

        (j)
Notwithstanding anything in this Agreement to the contrary, neither the Company nor the
Warrant Agent shall have any liability to any holder of a Warrant Certificate or other
Person as a result of its inability to perform any of its obligations under this
Agreement by reason of any preliminary or permanent injunction or other order, decree or
ruling issued by a court of competent jurisdiction or by a governmental, regulatory or
administrative agency or commission, or any statute, rule, regulation or executive order
promulgated or enacted by any governmental authority prohibiting or otherwise restraining
performance of such obligation; provided that (i) the Company must use its reasonable
best efforts to have any such order, decree or ruling lifted or otherwise overturned as
soon as possible and (ii) nothing in this Section 15(j) shall affect the Company’s
obligation under Section 6(d) to use its best efforts to have a registration statement in
effect covering the Warrant Shares issuable upon exercise of the Warrants and to maintain
a current prospectus relating to those Warrant Shares. 

        (k)
Any application by the Warrant Agent for written instructions from the Company may, at
the option of the Warrant Agent, set forth in writing any action proposed to be taken or
omitted by the Warrant Agent under this Agreement and the date on and/or after which such
action shall be taken or such omission shall be effective. The Warrant Agent shall not be
liable for any action taken by, or omission of, the Warrant Agent in accordance with a
proposal included in such application on or after the date specified in such application
(which date shall not be less than three Business Days after the date any officer of the
Company actually receives such application, unless any such officer shall have consented
in writing to any earlier date) unless prior to taking any such action (or the effective
date in the case of an omission), the Warrant Agent shall have received written
instructions in response to such application specifying the action to be taken or omitted. 

        (l)
No provision of this Agreement shall require the Warrant Agent to expend or risk its own
funds or otherwise incur any financial liability in the performance of any of its duties
hereunder or in the exercise of its rights. 

        (m)
In addition to the foregoing, the Warrant Agent shall be protected and shall incur no
liability for, or in respect of, any action taken or omitted by it in connection with its
administration of this Agreement if such acts or omissions are not the result of the
Warrant Agent’s reckless disregard of its duty, gross negligence or willful misconduct
and are in reliance upon (i) the proper execution of the certification concerning
beneficial ownership appended to the form of assignment and the form of the election
attached hereto unless the Warrant Agent shall have actual knowledge that, as executed,
such certification is untrue, or (ii) the non-execution of such certification 

 
	 	
18	 

including, without limitation, any
refusal to honor any otherwise permissible assignment or election by reason of such
non-execution. 

        SECTION
16. Change of Warrant Agent. The Warrant Agent may at any time resign as Warrant Agent
upon written notice to the Company. If the Warrant Agent shall become incapable of acting
as Warrant Agent, the Company shall appoint a successor to such 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 of such incapacity by the Warrant Agent or by
the registered holder of a Warrant Certificate, then the registered holder of any Warrant
Certificate or the Warrant Agent may apply, at the expense of the Company, to any court
of competent jurisdiction for the appointment of a successor to the Warrant Agent.
Pending appointment of a successor to such Warrant Agent, either by the Company or by
such a court, the duties of the Warrant Agent shall be carried out by the Company. The
holders of a majority of the unexercised Warrants shall be entitled at any time to remove
the Warrant Agent and appoint a successor to such Warrant Agent. If a Successor Warrant
Agent shall not have been appointed within 30 days of such removal, the Warrant Agent may
apply, at the expense of the Company, to any court of competent jurisdiction for the
appointment of a successor to the Warrant Agent. Such successor to the Warrant Agent need
not be approved by the Company or the former Warrant Agent. After appointment the
successor to the Warrant Agent shall be vested with the same powers, rights, duties and
responsibilities as if it had been originally named as Warrant Agent without further act
or deed; but the former Warrant Agent upon payment of all fees and expenses due it and
its agents and counsel shall deliver and transfer to the successor to the Warrant Agent
any property at the time held by it hereunder and execute and deliver any further
assurance, conveyance, act or deed necessary for the purpose. Failure to give any notice
provided for in this Section 16, however, or any defect therein, shall not affect the
legality or validity of the appointment of a successor to the Warrant Agent. 

        SECTION
17. Notices to Company and Warrant Agent. Any notice or demand authorized by this
Agreement to be given or made by the Warrant Agent or by the registered holder of any
Warrant Certificate to or on the Company shall be sufficiently given or made when and if
deposited in the mail, first class or registered, postage prepaid, addressed (until
another address is filed in writing by the Company with the Warrant Agent), as follows: 

	Hanover - STC Acquisition Corp. 

                                    [                                       ]
                                    

  [                                                                               ]
                                    

  Fax No.: [                                ]
                                    

  Attention:  Chief Executive Officer

        In
case the Company shall fail to maintain such office or agency or shall fail to give such
notice of the location or of any change in the location thereof, presentations may be
made and notices and demands may be served at the principal corporate trust office of the
Warrant Agent. 

        Any
notice pursuant to this Agreement to be given by the Company or by the registered
holder(s) of any Warrant Certificate to the Warrant Agent shall be sufficiently given
when and if deposited in the mail, first-class or registered, postage prepaid, addressed
(until another address is filed in writing by the Warrant Agent with the Company) to the
Warrant Agent as follows: 

                  	Continental Stock Transfer & Trust Company

                                    

  17 Battery Place
                                    

  New York, NY  10004
                                    

  Attention:  Compliance Department

        SECTION
18. Supplements and Amendments. The Company and the Warrant Agent may from time to time
supplement or amend this Agreement without the approval of any holders of Warrant
Certificates in order to cure any ambiguity or to correct or supplement any provision
contained herein which may be defective or 

 
	 	
19	 

inconsistent with any other
provision herein, or to make any other provisions in regard to matters or questions
arising hereunder which the Company and the Warrant Agent may deem necessary or desirable
and which shall not in any way adversely affect the interests of the holders of Warrant
Certificates theretofore issued. Upon the delivery of a certificate from an appropriate
officer of the Company which states that the proposed supplement or amendment is in
compliance with the terms of this Section 18, the Warrant Agent shall execute such
supplement or amendment. Notwithstanding anything in this Agreement to the contrary, the
prior written consent of the Warrant Agent must be obtained in connection with any
supplement or amendment which alters the rights or duties of the Warrant Agent. The
Company and the Warrant Agent may amend any provision herein with the consent of the
holders of Warrants exercisable for a majority of the Warrant Shares issuable on exercise
of all outstanding Warrants that would be affected by such amendment. 

        SECTION
19. 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 hereunder. 

        SECTION
20. Termination. This Agreement will terminate on any earlier date if all Warrants have
been exercised or expired without exercise. The provisions of Section 15 hereof shall
survive such termination. 

        SECTION
21. Governing Law. This Agreement and each Warrant Certificate issued hereunder shall be
deemed to be a contract made under the laws of the State of New York and for all purposes
shall be construed in accordance with the internal laws of said State. The parties agree
that, all actions and proceedings arising out of this Agreement or any of the
transactions contemplated hereby, shall be brought in the United States District Court
for the Southern District of New York or in a New York State Court in the County of New
York and that, in connection with any such action or proceeding, submit to the
jurisdiction of, and venue in, such court. Each of the parties hereto also irrevocably
waives all right to trial by jury in any action, proceeding or counterclaim arising out
of this Agreement or the transactions contemplated hereby. 

        SECTION
22. Benefits of This Agreement. Nothing in this Agreement shall be construed to give to
any person or corporation other than the Company, the Warrant Agent and the registered
holders of the Warrant Certificates any legal or equitable right, remedy or claim under
this Agreement, and this Agreement shall be for the sole and exclusive benefit of the
Company, the Warrant Agent and the registered holders of the Warrant Certificates. 

        SECTION
23. Counterparts. This Agreement may be executed in any number of 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. 

        SECTION
24. Force Majeure. In no event shall the Warrant Agent be responsible or liable for any
failure or delay in the performance of its obligations under this Agreement arising out
of or caused by, directly or indirectly, forces beyond its reasonable control, including
without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software or hardware)
services. 

 
	 	
20	 

        IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed, as of
the day and year first above written. 

	 	  	 	  HANOVER
- STC ACQUISITION CORP.  
	 	 	 	By:_______________________________
                                                               	 
	 	 	 	Name: 

                                                              Title:	 
	 	 	 	 	 
	 	 	 	CONTINENTAL
STOCK TRANSFER & TRUST 

       COMPANY, as
                                                              Warrant Agent 	 
	 	 	 	 	 
	 	 	 	By:_______________________________ 

                                                              Name: 

                                                              Title: 	 

 
	 	
21	 

Schedule I  

	
      

    
	Sponsor	 Sponsor Warrants
	
      

    
	Solar Capital, LLC	 500,000 
	
      

    
	 Hanover Overseas Limited	 1,000,000 
	
      

    
	STC Investment Holdings LLC	 1,000,000 
	
      

    
	Jakal Investments, LLC	 500,000 
	
      

    
	Steven Shenfeld	 250,000 
	
      

    

 
	 	
	 

EXHIBIT
                                                                                                          A 

                          [Form of Warrant Certificate]

 

[Face] 

Warrant Certificate 

HANOVER - STC
ACQUISITION CORP. 

        This
Warrant Certificate certifies that ________________________, or registered assigns, is
the registered holder of __________ warrants (the “Warrants“) to purchase shares of
Common Stock, $.0001 par value (the “Common Stock“), of Hanover - STC Acquisition Corp.,
a Delaware corporation (the “Company“). Each Warrant entitles the holder, upon exercise
during the period set forth in the Warrant Agreement referred to below, to receive from
the Company that number of fully paid and nonassessable shares of Common Stock (each, a
“Warrant Share”) as set forth below at the exercise price (the “Exercise Price”) as
determined pursuant to the Warrant Agreement payable in lawful money of the United States
of America upon surrender of this Warrant Certificate and payment of the Exercise Price
at the office or agency of the Warrant Agent, but only subject to the conditions set
forth herein and in the Warrant Agreement.  

        Each
Warrant is initially exercisable for one share of Common Stock. The number of Warrant
Shares issuable upon exercise of the Warrants are subject to adjustment upon the
occurrence of certain events set forth in the Warrant Agreement. 

        The
initial Exercise Price per share of Common Stock for any Warrant is equal to $6.00 per
share. The Exercise Price is subject to adjustment upon the occurrence of certain events
set forth in the Warrant Agreement. 

        Warrants
may be exercised only during the Warrant Exercise Period subject to the conditions set
forth in the Warrant Agreement and to the extent not exercised by the end of such Warrant
Exercise Period such Warrants shall become void. 

        Reference
is hereby made to the further provisions of this Warrant Certificate set forth on the
reverse hereof and such further provisions shall for all purposes have the same effect as
though fully set forth at this place. 

        This
Warrant Certificate shall not be valid unless countersigned by the Warrant Agent, as such
term is used in the Warrant Agreement. 

 
	 	
	 

This Warrant Certificate shall be
governed and construed in accordance with the internal laws of the State of New York,
without regard to conflicts of laws principles thereof. 

	 	  	 	  HANOVER
- STC ACQUISITION CORP. 
	 	 	 	By_______________________________
	 	 	 	 	[Name] 

                                                                 President 
	 	 	 	 	 
	Countersigned: 

Dated:                                     , 20   

      CONTINENTAL STOCK TRANSFER & TRUST COMPANY, 

       as Warrant
Agent 	 	 	 	 
	 	 	 	 	 
	By_______________________________
    

           Authorized Signatory 	 	 	 	 

 
	 	
	 

[Form of Warrant
Certificate] 

[Reverse] 

        The
Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of
Warrants entitling the holder on exercise to receive shares of Common Stock, par value
$0.0001 per share, of the Company (the “Common Stock”), and are issued or to be issued
pursuant to a Warrant Agreement dated as of [ ], 2007 (the “Warrant Agreement”), duly
executed and delivered by the Company to Continental Stock Transfer & Trust Company,
a New York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement
is hereby incorporated by reference in and made a part of this instrument and is hereby
referred to for a description of the rights, limitation of rights, obligations, duties
and immunities thereunder of the Warrant Agent, the Company and the holders (the words
“holders“ or “holder“ meaning the registered holders or registered holder) of the
Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon
written request to the Company. Defined terms used in this Warrant Certificate but not
defined herein shall have the meanings given to them in the Warrant Agreement.  

        Warrants
may be exercised at any time during the Warrant Exercise Period set forth in the Warrant
Agreement. The holder of Warrants evidenced by this Warrant Certificate may exercise them
by surrendering this Warrant Certificate, with the form of election to purchase set forth
hereon properly completed and executed, together with payment of the Exercise Price as
specified in the Warrant Agreement at the principal corporate trust office of the Warrant
Agent. In the event that upon any exercise of Warrants evidenced hereby the number of
Warrants exercised shall be less than the total number of Warrants evidenced hereby,
there shall be issued to the holder hereof or his assignee a new Warrant Certificate
evidencing the number of Warrants not exercised. No adjustment shall be made for any
dividends on any Common Stock issuable upon exercise of this Warrant. 

        Notwithstanding
anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be
exercised unless at the time of exercise (i) a registration statement covering the
Warrant Shares to be issued upon exercise (other than Warrant Shares to be issued upon
exercise of any Sponsors’ Warrant) is effective under the Act and (ii) a prospectus
thereunder relating to the Warrant Shares (other than Warrant Shares to be issued upon
exercise of any Sponsors’ Warrant) is current. In no event shall the Warrants be settled
on a net cash basis during the Warrant Exercise Period nor shall the Company be required
to issue unregistered shares upon the exercise of any Warrant that is not a Sponsors’
Warrant. 

        The
Warrant Agreement provides that upon the occurrence of certain events the number of
Warrant Shares set forth on the face hereof may, subject to certain conditions, be
adjusted. No fractions of a share of Common Stock will be issued upon the exercise of any
Warrant, but the Company will pay the cash value thereof determined as provided in the
Warrant Agreement. 

        Warrant
Certificates, when surrendered at the principal corporate trust office of the Warrant
Agent by the registered holder thereof in person or by legal representative or attorney
duly authorized in writing, may be exchanged, in the manner and subject to the
limitations provided in the Warrant Agreement, but without payment of any service charge,
for another Warrant Certificate or Warrant Certificates of like tenor evidencing in the
aggregate a like number of Warrants. 

        Upon
due presentation for registration of transfer of this Warrant Certificate at the office
of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like tenor and
evidencing in the aggregate a like number of Warrants shall be issued to the
transferee(s) in exchange for this Warrant Certificate, subject to the limitations
provided in the Warrant Agreement, without charge except for any tax or other
governmental charge imposed in connection therewith. 

 
	 	
	 

        The
Company and the Warrant Agent may deem and treat the registered holder(s) thereof as the
absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership
or other writing hereon made by anyone), for the purpose of any exercise hereof, of any
distribution to the holder(s) hereof, and for all other purposes, and neither the Company
nor the Warrant Agent shall be affected by any notice to the contrary. Neither the
Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a
stockholder of the Company. 

 
	 	
	 

Election to Purchase 

(To Be Executed Upon
Exercise Of Warrant) 

        The
 undersigned  hereby  irrevocably  elects to exercise the right,  represented by this
Warrant Certificate,  to receive  __________  shares of Common  Stock and herewith
 tenders  payment for such shares to the order of  Hanover - STC  Acquisition  Corp.  in
the  amount of $______ in  accordance  with the terms  hereof.  The undersigned  requests
that a  certificate  for such shares be  registered  in the name of  ________________,
 whose address is  _______________________________  and that such shares be delivered to
________________ whose address is ___________  ______________________.  If said  number
 of shares  is less  than all of the  shares of Common  Stock purchasable hereunder,  the
undersigned requests that a new Warrant Certificate  representing the remaining balance
of such shares be registered in the name of ______________,  whose address is
 _________________________,  and that such Warrant Certificate be delivered to
_________________, whose address is __________________. 

	 	  	 	  	Signature:  
	 	 	 	 	 
	Date:
                                    , 20
                                                               	 	 	 	Signature Guaranteed: 

 
	 	
	 

EXHIBIT B 

LEGEND 

THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR ANY
STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF
UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE
SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, THE
SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE
DATE THAT IS 30 DAYS AFTER THE DATE UPON WHICH HANOVER - STC ACQUISITION CORP. (THE
“COMPANY”) COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 5 OF THE
WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN THE
WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER
PROVISIONS AND MAY NOT BE EXERCISED DURING SUCH PERIOD. FOR SO LONG AS THE SECURITIES ARE
SUBJECT TO SUCH TRANSFER RESTRICTIONS, THEY WILL BE HELD IN AN ESCROW ACCOUNT MAINTAINED
BY [CONTINENTAL STOCK TRANSFER & TRUST COMPANY] AS ESCROW AGENT UNDER THE ESCROW
AGREEMENT (AS DEFINED IN SECTION 5 OF THE WARRANT AGREEMENT). 

SECURITIES EVIDENCED BY THIS
CERTIFICATE AND SHARES OF COMMON STOCK OF THE COMPANY ISSUED UPON EXERCISE OF SUCH
SECURITIES WILL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT
TO BE EXECUTED BY THE COMPANY. 

	No.
_____
                                                                                          	  	 	  	 _______
WarrantsExhibit 10.1 

PROMISSORY NOTE  

	$175,000.00	As of February
23, 2007

                                                                                    New
York, New York 

        Hanover-STC
Acquisition Corp. (“Maker”) promises to pay to the order of Mark D. Klein (“Payee”) the
principal sum of One Hundred and Seventy-Five Thousand Dollars ($175,000.00) in lawful
money of the United States of America, on the terms and conditions described below.  

        1.
Principal. The principal balance of this Promissory Note (this “Note”) shall be repayable
on the earlier of (i) February 25, 2008 or (ii) the date upon which Maker consummates an
initial public offering of its securities.  

        2.
Interest. No interest shall accrue on the unpaid principal balance of this Note.  

        3.
Application of Payments. All payments shall be applied first to payment in full of any
costs incurred in the collection of any sum due under this Note, including (without
limitation) reasonable attorneys’ fees, second to the payment in full of any late charges
and finally to the reduction of the unpaid principal balance of this Note.  

        4.
Events of Default. The following shall constitute “Events of Default”:  

                (a)
Failure to Make Required Payments. Failure by Maker to pay the principal of this Note
within five (5) business days following the date when due.  

                (b)
Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under the
Federal Bankruptcy Code, as now constituted or hereafter amended, or any other applicable
federal or state bankruptcy, insolvency, reorganization, rehabilitation or other similar
law, or the consent by it to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of
Maker or for any substantial part of its property, or the making by it of any assignment
for the benefit of creditors, or the failure of Maker generally to pay its debts as such
debts become due, or the taking of corporate action by Maker in furtherance of any of the
foregoing.  

                (c)
Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having
jurisdiction in the premises in respect of maker in an involuntary case under the Federal
Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or
state bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any
substantial part of its property, or ordering the winding-up or liquidation of its
affairs, and the continuance of any such decree or order unstayed and in effect for a
period of sixty (60) consecutive days.  

 
	 	
	 

        5.
Remedies.  

                (a)
Upon the occurrence of an Event of Default specified in Section 4(a), Payee may, by
written notice to Maker, declare this Note to be due and payable, whereupon the principal
amount of this Note, and all other amounts payable thereunder, shall become immediately
due and payable without presentment, demand, protest or other notice of any kind, all of
which are hereby expressly waived, anything contained herein or in the documents
evidencing the same to the contrary notwithstanding.  

                (b)
Upon the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the
unpaid principal balance of, and all other sums payable with regard to, this Note shall
automatically and immediately become due and payable, in all cases without any action on
the part of Payee.  

        6.
Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive
presentment for payment, demand, notice of dishonor, protest, and notice of protest with
regard to the Note, all errors, defects and imperfections in any proceedings instituted
by Payee under the terms of this Note, and all benefits that might accrue to Maker by
virtue of any present or future laws exempting any property, real or personal, or any
part of the proceeds arising from any sale of any such property, from attachment, levy or
sale under execution, or providing for any stay of execution, exemption from civil
process, or extension of time for payment; and Maker agrees that any real estate that may
be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution
issued hereon, may be sold upon any such writ in whole or in part in any order desired by
Payee.  

        7.
Unconditional Liability. Maker hereby waives all notices in connection with the delivery,
acceptance, performance, default, or enforcement of the payment of this Note, and agrees
that its liability shall be unconditional, without regard to the liability of any other
party, and shall not be affected in any manner by any indulgence, extension of time,
renewal, waiver or modification granted or consented to by Payee, and consents to any and
all extensions of time, renewals, waivers, or modifications that may be granted by Payee
with respect to the payment or other provisions of this Note, and agree that additional
makers, endorsers, guarantors, or sureties may become parties hereto without notice to
them or affecting their liability hereunder.  

        8.
Notices. Any notice called for hereunder shall be deemed properly given if (i) sent by
certified mail, return receipt requested, (ii) personally delivered, (iii) dispatched by
any form of private or governmental express mail or delivery service providing receipted
delivery, (iv) sent by facsimile, or (v) sent by e-mail, to the following addresses or to
such other address as either party may designate by notice in accordance with this
Section:  

        If
to Maker: 

	  	
Hanover-STC
Acquisition Corp. 

                               ____________________ 

      

      ____________________ 

      

      ____________________ 

      

      Facsimile: ____________  

 
	 	
-2-	 

        If
to Payee: 

	  	
Mark
Klein                       
3 Olmsted Road                       
Scarsdale, NY 10583
                      
Facsimile: 914.722.6852 

Notice shall be deemed given on the
earlier of (i) actual receipt by the receiving party, (ii) the date shown on a facsimile
transmission confirmation, (iii) the date on which an e-mail transmission was received by
the receiving party’s on-line access provider (iv) the date reflected on a signed
delivery receipt, or (vi) two (2) Business Days following tender of delivery or dispatch
by express mail or delivery service. 

        9.
Construction. This Note shall be construed and enforced in accordance with the laws of
the State of New York, without regard to any conflict of law principles.  

        10.
Severability. Any provision contained in this Note which is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions hereof, and
any such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.  

        IN
WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be
duly executed on the day and year first above written. 

	 	
      HANOVER-STC ACQUISITION CORP.

      

	 	 
	 	By:	       /s/ Paul D. Lapping
      

    
	 	Name:	Paul D.
Lapping                                                                                                             
	 	Title:	CFO, Secretary and
Treasurer

  

	 	
-3-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]