Document:

EXHIBIT 4.4

                                WARRANT AGREEMENT

      Agreement  made as of  ___________  ,  2005  between  Viceroy  Acquisition
Corporation,  a Delaware  corporation,  with offices at 8235 Forsyth  Boulevard,
Suite 400, Clayton, Missouri 63105 ("Company"), and Continental Stock Transfer &
Trust Company,  a New York  corporation,  with offices at 17 Battery Place,  New
York, New York 10004 ("Warrant Agent").

      WHEREAS,  the Company is engaged in a public offering ("Public  Offering")
of Units  ("Units")  and, in connection  therewith,  has determined to issue and
deliver up to 23,000,000  Warrants  ("Public  Warrants") to the investors in the
Public Offering, each of such Public Warrants evidencing the right of the holder
thereof to purchase one share of common  stock,  par value $.0001 per share,  of
the Company's Common Stock ("Common Stock") for $6.00,  subject to adjustment as
described  herein,  and (ii)  1,000,000  Warrants  to The  Shemano  Group,  Inc.
("Shemano") or its designees ("Representative's Warrants" and, together with the
Public Warrants, the "Warrants"),  each such Representative's Warrant evidencing
the right of the holder thereof to purchase one share of Common Stock for $7.50,
subject to adjustments as described herein; and

      WHEREAS, the Company has filed with the Securities and Exchange Commission
a Registration Statement,  No. _________ on Form S-1 (as the same may be amended
from time to time)  ("Registration  Statement") for the registration,  under the
Securities  Act of 1933,  as amended  ("Act") of,  among other  securities,  the
Warrants and the Common Stock issuable upon exercise of the Warrants; and

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

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

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

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

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

      2.    Warrants.

            2.1   Form of Warrant.  Each Warrant  shall be issued in  registered
form  only,  shall  be in  substantially  the  form of  EXHIBIT  A  hereto,  the
provisions of which are incorporated  herein and shall be signed by, or bear the
facsimile  signature of, the Chairman of the Board or Chief  Executive  Officer,
Secretary  or  Assistant  Secretary of the Company and shall bear a facsimile of
the Company's seal. In the event the person whose  facsimile  signature has been
placed upon any Warrant shall have ceased to serve in the capacity in which such
person signed the Warrant  before such Warrant is issued,  it may be issued with
the  same  effect  as if he or she had  not  ceased  to be  such at the  date of
issuance.  All of the Warrants  shall  initially be  represented  by one or more
book-entry certificates (each a "Book-Entry Warrant Certificate").

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

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            2.3   Registration.

                  2.3.1 Warrant Register. The Warrant Agent shall maintain books
("Warrant  Register"),  for  the  registration  of  original  issuance  and  the
registration  of transfer  of the  Warrants.  Upon the  initial  issuance of the
Warrants,  the Warrant  Agent shall issue and register the Warrants in the names
of the  respective  holders  thereof  in such  denominations  and  otherwise  in
accordance with instructions  delivered to the Warrant Agent by the Company. All
of the Warrants shall initially be represented by one or more Book-Entry Warrant
Certificate  deposited with The Depository Trust Company (the  "Depository") and
registered in the name of Cede & Co., a nominee of the Depository.  Ownership of
beneficial interests in the Warrants shall be shown on, and the transfer of such
ownership shall be effected through, records maintained by (i) the Depository or
its nominee for each Book-Entry Warrant  Certificate,  or (ii) institutions that
have accounts with the Depository (such  institution,  with respect to a Warrant
in its account, a "Participant").

      If the Depository  subsequently  ceases to make its book-entry  settlement
system  available for the  Warrants,  the Company may instruct the Warrant Agent
regarding making other arrangements for book-entry settlement. In the event that
the  Warrants  are not  eligible  for, or it is no longer  necessary to have the
Warrants  available in, book-entry form, the Warrant Agent shall provide written
instructions to the Depository to deliver to the Warrant Agent for  cancellation
of each  Book-Entry  Warrant  Certificate,  and the Company  shall  instruct the
Warrant Agent to deliver to the Depository  definitive  Warrant  Certificates in
physical form evidencing such Warrants.  Such  definitive  Warrant  Certificates
shall be in the form annexed  hereto as EXHIBIT A with  appropriate  insertions,
modifications and omissions, as provided above.

                  2.3.2 Beneficial   Owner;    Registered   Holder.   The   term
"beneficial  owner" shall mean, on or after the  Detachment  Date, any person in
whose name  ownership  of a beneficial  interest in the Warrants  evidenced by a
Book-Entry  Certificate is recorded in the records  maintained by the Depository
or its nominee,  and prior to the Detachment  Date, the person in whose name the
Unit to which Warrant  Certificate was initially attached as registered upon the
register  relating to such Units.  Prior to due presentment for  registration of
transfer of any  Warrant,  the Company and the Warrant  Agent may deem and treat
the person in whose  name such  Warrant  shall be  registered  upon the  Warrant
Register  ("registered  holder"),  as the absolute  owner of such Warrant and of
each Warrant represented thereby  (notwithstanding  any notation of ownership or
other writing on the Warrant  Certificate  made by anyone other than the Company
or the Warrant  Agent),  for the purpose of any  exercise  thereof,  and for all
other purposes,  and neither the Company nor the Warrant Agent shall be affected
by any notice to the contrary.

            2.4   Detachability of Warrants. The securities comprising the Units
will not be separately transferable until ninety (90) days after the date hereof
unless  Shemano  informs the Company of its decision to allow  earlier  separate
trading (the  "Detachment  Date"),  but in no event will separate trading of the
securities  comprising  the Units be allowed  until the Company  files a Current
Report on Form 8-K which  includes  an  audited  balance  sheet  reflecting  the
receipt by the Company of the net proceeds of the Public Offering  including the
proceeds  received  by the  Company  from  the  exercise  of  the  underwriter's
over-allotment  option, if the  over-allotment  option is exercised prior to the
filing of the Form 8-K.

            2.5   Warrants and Representative's  Warrants.  The Representative's
Warrants  shall  have  the same  terms  and be in the  same  form as the  Public
Warrants  except with respect to the Warrant Price as set forth below in Section
3.1.

      3.    Terms and Exercise of Warrants.

            3.1   Warrant Price. Each Public Warrant shall,  when  countersigned
by the Warrant Agent,  entitle the  registered  holder  thereof,  subject to the
provisions  of such Public  Warrant and of this Warrant  Agreement,  to purchase
from the Company the number of shares of Common  Stock  stated  therein,  at the
price of $6.00 per whole share, subject to the adjustments provided in Section 4
hereof and in the last  sentence  of this  Section  3.1.  Each  Representative's
Warrant shall, when  countersigned by the Warrant Agent,  entitle the registered
holder thereof,  subject to the provisions of such Representative's  Warrant and
of this Warrant Agreement,  to purchase from the Company the number of shares of
Common Stock stated therein,  at the price of $7.50 per whole share,  subject to
the  adjustments  provided in Section 4 hereof and in the last  sentence of this
Section 3.1. The term "Warrant Price" as used in this Warrant  Agreement  refers
to the price  per share at which  Common  Stock may be  purchased  at the time a
Warrant is exercised.  The Company in its sole  discretion may lower the Warrant
Price at any time prior to the Expiration Date.

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            3.2   Duration of Warrants.  A Warrant may be exercised  only during
the period  ("Exercise  Period")  commencing on the later of the consummation by
the Company of a merger,  capital stock  exchange,  asset  acquisition  or other
similar business combination  ("Business  Combination") (as described more fully
in the Company's  Registration  Statement) or ___________ , 2006 and terminating
at 5:00 p.m.,  New York City time on the  earlier  to occur of (i)  ___________,
2009 or (ii) the date  fixed for  redemption  of the  Warrants  as  provided  in
Section 6 of this  Agreement  ("Expiration  Date").  Except with  respect to the
right to receive  the  Redemption  Price (as set forth in Section 6  hereunder),
each Warrant not exercised on or before the  Expiration  Date shall become void,
and all rights thereunder and all rights in respect thereof under this Agreement
shall cease at the close of business on the Expiration  Date. The Company in its
sole  discretion  may  extend the  duration  of the  Warrants  by  delaying  the
Expiration Date.

            3.3   Exercise  of  Warrants.  A  registered  holder may  exercise a
Warrant by delivering  not later than 5:00 P.M.,  New York time, on any Business
Day  (defined  as any day that is not a  Saturday  or Sunday and is not a United
States  federal  holiday or a day on which  banking  institutions  generally are
authorized  or obligated by law or  regulation  to close in New York) during the
Exercise  Period (the  "Exercise  Date") to the Warrant  Agent at its  corporate
trust  department  (i) the Warrant  Certificate  evidencing  the  Warrants to be
exercised, or, in the case of a Book-Entry Warrant Certificate,  the Warrants to
be exercised (the  "Book-Entry  Warrants") free on the records of the Depository
to an account of the Warrant Agent at the Depository designated for such purpose
in writing by the Warrant  Agent to the  Depository  from time to time,  (ii) an
election  to  purchase  the  shares  underlying  the  Warrants  to be  exercised
("Election to  Purchase"),  properly  completed  and executed by the  registered
holder on the reverse of the Warrant Certificate or, in the case of a Book-Entry
Warrant  Certificate,  properly  delivered by the Participant in accordance with
the Depository's procedures, and (iii) the Exercise Price for each Warrant to be
exercised  in lawful  money of the  United  States of America  by  certified  or
official bank check or by bank wire transfer in immediately  available funds. If
any of (A) the Warrant Certificate or the Book-Entry Warrants,  (B) the Election
to Purchase,  or (C) the  Exercise  Price  therefor,  is received by the Warrant
Agent  after 5:00 P.M.,  New York time,  on the  specified  Exercise  Date,  the
Warrants  will be deemed to be received  and  exercised on the Business Day next
succeeding  the Exercise Date. If the date specified as the Exercise Date is not
a Business  Day, the Warrants will be deemed to be received and exercised on the
next  succeeding  day that is a Business  Day. If the  Warrants  are received or
deemed to be received  after the Expiration  Date, the exercise  thereof will be
null and void and any funds  delivered to the Warrant  Agent will be returned to
the holder or  Participant,  as the case may be, as soon as  practicable.  In no
event will interest  accrue on funds deposited with the Warrant Agent in respect
of an exercise or attempted  exercise of Warrants.  The validity of any exercise
of Warrants will be determined  by the Company in its sole  discretion  and such
determination  will be final and binding upon the holder and the Warrant  Agent.
Neither the Company nor the Warrant Agent shall have any  obligation to inform a
holder of the invalidity of any exercise of Warrants.

      The Warrant Agent shall deposit all funds received by it in payment of the
Exercise Price in the account of the Company  maintained  with the Warrant Agent
for such  purpose  and shall  advise the Company at the end of each day on which
the funds  for the  exercise  of the  Warrants  are  received  of the  amount so
deposited  to its  account.  The  Warrant  Agent  shall  promptly  confirm  such
telephonic advice to the Company in writing.

                  (a)   The Warrant Agent shall,  by 11:00 A.M.,  New York time,
on the  Business Day  following  the  Exercise  Date of any Warrant,  advise the
Company and the transfer agent in respect of (a) the shares of Common Stock (the
"Shares")  issuable upon such exercise as to the number of Warrants exercised in
accordance with the terms and conditions of this Agreement, (b) the instructions
of each registered  holder or  Participant,  as the case may be, with respect to
delivery  of the  Shares  issuable  upon  such  exercise,  and the  delivery  of
definitive Warrant Certificates, as appropriate, evidencing the balance, if any,
of the  Warrants  remaining  after such  exercise,  (c) in case of a  Book-Entry
Warrant  Certificate,  the notation that shall be made to the records maintained
by the Depository,  its nominee for each Book-Entry  Warrant  Certificate,  or a
Participant,  as  appropriate,  evidencing the balance,  if any, of the Warrants
remaining  after such exercise and (d) such other  information as the Company or
such transfer agent and registrar shall reasonably require.

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                        (b)   The Company shall, by 5:00 P.M., New York time, on
the third Business Day next  succeeding the Exercise Date of any Warrant and the
clearance  of the funds in  payment of the  Warrant  Price,  execute,  issue and
deliver to the Warrant  Agent,  the Shares to which such holder is entitled,  in
fully  registered  form,  registered in such name or names as may be directed by
such holder or the Participant, as the case may be. Upon receipt of such Shares,
the Warrant Agent shall,  by 5:00 P.M., New York time, on the fifth Business Day
next succeeding such Exercise Date,  transmit such Shares,  to or upon the order
of the holder or Participant, as the case may be.

      In  lieu of  delivering  physical  certificates  representing  the  Shares
issuable upon exercise,  provided the Company's  transfer agent is participating
in the Depository Fast Automated  Securities Transfer program, the Company shall
use its reasonable  best efforts to cause its transfer  agent to  electronically
transmit  the  Shares  issuable  upon  exercise  to  the  registered  holder  or
Participant  by crediting the account of the  registered  holder's  prime broker
with  Depository  or of the  Participant  through its Deposit  Withdrawal  Agent
Commission  system.  The time periods for delivery  described in the immediately
preceding paragraph shall apply to the electronic transmittals described herein.
Notwithstanding the foregoing, the Company shall not be obligated to deliver any
securities pursuant to the exercise of a Warrant unless a registration statement
under the Act with respect to the Common Stock is effective. Warrants may not be
exercised by, or  securities  issued to, any  registered  holder in any state in
which such exercise would be unlawful.

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

                  (d)   Warrants  may be  exercised  only in  whole  numbers  of
Warrants.  No  fractional  shares  of Common  Stock  are to be  issued  upon the
exercise of this Warrant,  but rather the number of shares of Common Stock to be
issued shall be rounded up to the nearest whole number. If fewer than all of the
Warrants  evidenced  by a  Warrant  Certificate  are  exercised,  a new  Warrant
Certificate for the number of Warrants  remaining  unexercised shall be executed
by the Company and  countersigned  by the Warrant Agent as provided in Section 2
hereof,  and delivered to the holder of this Warrant  Certificate at the address
specified on the books of the Warrant  Agent or as  otherwise  specified by such
registered  holder.  If fewer than all the  Warrants  evidenced  by a Book-Entry
Warrant  Certificate  are  exercised,  a notation  shall be made to the  records
maintained  by  the  Depository,   its  nominee  for  each  Book-Entry   Warrant
Certificate,  or a Participant,  as  appropriate,  evidencing the balance of the
Warrants remaining after such exercise.

                  (e)   The  Company  shall not be  required to pay any stamp or
other tax or  governmental  charge  required to be paid in  connection  with any
transfer involved in the issue of the Shares upon the exercise of Warrants;  and
in the event  that any such  transfer  is  involved,  the  Company  shall not be
required to issue or deliver  any Shares  until such tax or other  charge  shall
have been paid or it has been established to the Company's  satisfaction that no
such tax or other charge is due.

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

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

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      4.    Adjustments.

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

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

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

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

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

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

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

      5.    Transfer and Exchange of Warrants.

            5.1   Transfer of Warrants.  Prior to the Detachment Date,  Warrants
may be  transferred  or  exchanged  only  together  with the Unit in which  such
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 Unit on the  register  relating  to such Units shall
operate also to transfer the Warrants  included in such Unit. From and after the
Detachment Date, this Section 5.1 shall be of no further force and effect.

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

            5.3   Procedure   for   Surrender  of  Warrants.   Warrants  may  be
surrendered to the Warrant Agent,  together with a written  request for exchange
or transfer,  and thereupon  the Warrant Agent shall issue in exchange  therefor
one or more new Warrants as requested by the  registered  holder of the Warrants
so surrendered,  representing an equal aggregate  number of Warrants;  provided,
however,  that except as otherwise  provided herein or in any Book-Entry Warrant
Certificate,  each Book-Entry  Warrant  Certificate  may be transferred  only in
whole and only to the Depository,  to another  nominee of the  Depository,  to a
successor  depository  or  to a  nominee  of a  successor  depository;  provided
further,  however,  that in the event that a Warrant  surrendered  for  transfer
bears a restrictive  legend, the Warrant Agent shall not cancel such Warrant and
issue new Warrants in exchange  therefor until the Warrant Agent has received an
opinion of counsel for the Company  stating  that such  transfer may be made and
indicating  whether the new Warrants must also bear a restrictive  legend.  Upon
any such  registration of transfer,  the Company shall execute,  and the Warrant
Agent shall countersign and deliver, in the name of the designated  transferee a
new Warrant Certificate or Warrant  Certificates of any authorized  denomination
evidencing in the aggregate a like number of unexercised Warrants.

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

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

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

      6.    Redemption.

            6.1   Redemption.  Subject to Section 6.4 hereof,  not less than all
of the outstanding  Warrants may be redeemed,  at the option of the Company,  at
any time after they become  exercisable  and prior to their  expiration,  at the
office of the Warrant Agent,  upon the notice referred to in Section 6.2, at the
price of $.01 per Warrant  ("Redemption  Price"),  provided  that the last sales
price of the Common Stock has been at least $11.50 per share,  on each of twenty
(20) trading  days within a thirty (30)  trading day period  ending on the third
Business  Day prior to the date on which  notice  of  redemption  is given.  The
provisions of this Section 6.1 may not be modified,  amended or deleted  without
the prior written consent of Shemano.

                                       6
<PAGE>

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

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

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

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

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

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

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

            7.4   Registration of Common Stock. The Company agrees that prior to
the commencement of the Exercise  Period,  it shall file with the Securities and
Exchange Commission a post-effective amendment to the Registration Statement, or
a new registration  statement,  for the registration,  under the Act, of, and it
shall take such action as is necessary  to qualify for sale,  in those states in
which the  Warrants  were  initially  offered by the  Company,  the Common Stock
issuable upon exercise of the Warrants. In either case, the Company will use its
best  efforts  to  cause  the  same to  become  effective  and to  maintain  the
effectiveness  of  such  registration  statement  until  the  expiration  of the
Warrants in accordance with the provisions of this Agreement.  The provisions of
this  Section  7.4 may not be  modified,  amended or deleted  without  the prior
written consent of Shemano.

      8.    Concerning the Warrant Agent and Other Matters.

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

                                       7
<PAGE>

            8.2   Resignation, Consolidation, or Merger of Warrant Agent.

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

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

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

            8.3   Fees and Expenses of Warrant Agent.

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

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

            8.4   Liability of Warrant Agent.

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

                                       8
<PAGE>

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

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

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

            8.6   Waiver.  The Warrant  Agent  hereby  waives any and all right,
title,  interest or claim of any kind ("Claim") in or to any distribution of the
Trust Fund (as defined in that certain  Investment  Management  Trust Agreement,
dated as of the date hereof,  by and between the Company and the Warrant Agent),
and hereby agrees not to seek recourse,  reimbursement,  payment or satisfaction
for any Claim against the Trust Fund for any reason whatsoever.

      9.    Miscellaneous Provisions.

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

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

                           Viceroy Acquisition Corporation
                           8235 Forsyth Boulevard, Suite 400
                           Clayton, Missouri 63105
                           Attn:  Chief Executive Officer

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

                                       9
<PAGE>

                           Continental Stock Transfer & Trust Company
                           17 Battery Place
                           New York, New York 10004
                           Attn:  Compliance Department

                  with a copy in each case to:

                           Blank Rome LLP
                           405 Lexington Avenue, 24th Floor
                           New York, New York 10174
                           Attn: James Martin Kaplan, Esq.

                  and

                           Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
                           666 Third Avenue
                           New York, New York 10017
                           Attn:  Kenneth R. Koch, Esq.

                  and

                           The Shemano Group, Inc.
                           601 California Street, Suite 1150
                           San Francisco, California 94108
                           Attn: Gary Shemano

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

            9.4   Persons  Having Rights under this  Agreement.  Nothing in this
Agreement  expressed and nothing that may be implied from any of the  provisions
hereof is  intended,  or shall be  construed,  to confer  upon,  or give to, any
person or corporation  other than the parties hereto and the registered  holders
of the Warrants  and, for the purposes of Sections 6.1, 6.4, 7.4 and 9.2 hereof,
Shemano,  any  right,  remedy,  or claim  under  or by  reason  of this  Warrant
Agreement or of any  covenant,  condition,  stipulation,  promise,  or agreement
hereof.  Shemano  shall  be  deemed  to be a  third-party  beneficiary  of  this
Agreement  with  respect to Sections  6.1,  6.4,  7.4,  9.2 and 9.4 hereof.  All
covenants, conditions,  stipulations, promises, and agreements contained in this
Warrant  Agreement  shall be for the sole and  exclusive  benefit of the parties
hereto (and  Shemano with respect to the  Sections  6.1,  6.4,  7.4, 9.2 and 9.4
hereof) and their  successors and assigns and of the  registered  holders of the
Warrants.

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

            9.6   Counterparts.  This Agreement may be executed in any number of
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.

                                       10
<PAGE>

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

               [Remainder of this page intentionally left blank]

                                       11
<PAGE>

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

Attest                                         VICEROY ACQUISITION CORPORATION

________________________________               By:______________________________
                                                  Name:  Lee E. Mikles
                                                  Title: Chief Executive Officer

                                               CONTINENTAL STOCK TRANSFER
Attest                                          & TRUST COMPANY

________________________________               By:______________________________
                                                  Name:  Steven Nelson
                                                  Title: Chairman

                                       12
<PAGE>

                                    EXHIBIT A

                           FORM OF WARRANT CERTIFICATE

                                       13EXHIBIT 4.5

                              UNIT PURCHASE OPTION

                               FOR THE PURCHASE OF

                                 1,000,000 UNITS

                                       OF

                         VICEROY ACQUISITION CORPORATION

<PAGE>

                                TABLE OF CONTENTS

                                                                            Page

1.   PURCHASE OPTION...........................................................1

2.   EXERCISE..................................................................2
     2.1    Exercise Form......................................................2
     2.2    Legend.............................................................2
     2.3    Cashless Exercise..................................................2
            2.3.1   Determination of Amount....................................2
            2.3.2   Mechanics of Cashless Exercise.............................3

3.   TRANSFER..................................................................3
     3.1    General Restrictions...............................................3
     3.2    Restrictions Imposed by the Act....................................3

4.   NEW PURCHASE OPTIONS TO BE ISSUED.........................................3
     4.1    Partial Exercise or Transfer.......................................3
     4.2    Lost Certificate...................................................3

5.   REGISTRATION RIGHTS.......................................................4
     5.1    Demand Registration................................................4
            5.1.1   Grant of Right.............................................4
            5.1.2   Terms......................................................4
     5.2    "Piggy-Back" Registration..........................................4
            5.2.1   Grant of Right.............................................4
            5.2.2   Terms......................................................4
     5.3    Damages............................................................5
     5.4    General Terms......................................................5
            5.4.1   Indemnification............................................5
            5.4.2   Exercise of Purchase Options...............................5
            5.4.3   Documents Delivered to Holders.............................5
            5.4.4   Underwriting Agreement.....................................6
            5.4.5   Rule 144 Sale..............................................6
            5.4.6   Supplemental Prospectus....................................6

6.   ADJUSTMENTS...............................................................6
     6.1    Adjustments to Exercise Price and Number of Securities.............6
            6.1.1   Stock Dividends - Split-Ups................................7
            6.1.2   Aggregation of Shares......................................7
            6.1.3   Replacement of Securities upon Reorganization, etc.........7
            6.1.4   Changes in Form of Purchase Option.........................7
     6.2    [Intentionally Omitted]............................................7
     6.3    Substitute Purchase Option.........................................7
     6.4    Elimination of Fractional Interests................................8

                                       i

<PAGE>

7.   RESERVATION AND LISTING...................................................8

8.   CERTAIN NOTICE REQUIREMENTS...............................................8
     8.1    Holder's Right to Receive Notice...................................8
     8.2    Events Requiring Notice............................................8
     8.3    Notice of Change in Exercise Price.................................8
     8.4    Transmittal of Notices.............................................9

9.   MISCELLANEOUS.............................................................9
     9.1    Amendments.........................................................9
     9.2    Headings...........................................................9

10.  ENTIRE AGREEMENT..........................................................9
     10.1   Binding Effect.....................................................9
     10.2   Governing Law; Submission to Jurisdiction..........................9
     10.3   Waiver, Etc........................................................9
     10.4   Execution in Counterparts.........................................10
     10.5   Exchange Agreement................................................10
     10.6   Underlying Warrants...............................................10

                                       ii

<PAGE>

THE REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE  HEREOF,  AGREES
THAT IT WILL NOT SELL,  TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN
PROVIDED AND THE REGISTERED  HOLDER OF THIS PURCHASE  OPTION AGREES THAT IT WILL
NOT SELL,  TRANSFER,  ASSIGN,  PLEDGE OR HYPOTHECATE  THIS PURCHASE OPTION FOR A
PERIOD OF ONE YEAR FOLLOWING THE EFFECTIVE DATE (DEFINED  BELOW) TO ANYONE OTHER
THAN (I) THE SHEMANO  GROUP,  INC.  ("SHEMANO")  OR AN UNDERWRITER OR A SELECTED
DEALER IN CONNECTION  WITH THE OFFERING,  OR (II) A BONA FIDE OFFICER OR PARTNER
OF SHEMANO OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

THIS   PURCHASE   OPTION  IS  NOT   EXERCISABLE   PRIOR  TO  THE  LATER  OF  (I)
______________,   2006  AND  (II)  THE   CONSUMMATION  BY  VICEROY   ACQUISITION
CORPORATION  ("COMPANY") OF A MERGER, CAPITAL STOCK EXCHANGE,  ASSET ACQUISITION
OR OTHER SIMILAR BUSINESS  COMBINATION  ("BUSINESS  COMBINATION")  (AS DESCRIBED
MORE FULLY IN THE  COMPANY'S  REGISTRATION  STATEMENT  (DEFINED  HEREIN)).  THIS
PURCHASE OPTION SHALL BE VOID AFTER 5:00 P.M EASTERN TIME, _____________, 2010.

                              UNIT PURCHASE OPTION

                               FOR THE PURCHASE OF

                                 1,000,000 UNITS

                                       OF

                         VICEROY ACQUISITION CORPORATION

1.    Purchase Option.

      THIS CERTIFIES THAT, in consideration of $100.00 duly paid by or on behalf
of The Shemano Group,  Inc.  ("Shemano"),  as registered  owner of this Purchase
Option (the "Purchase Option"), to Viceroy Acquisition Corporation  ("Company"),
Shemano  is  entitled,  at any time or from  time to time  upon the later of (i)
___________,   2006  and  (ii)  the  consummation  of  a  Business   Combination
("Commencement Date"), and at or before 5:00 p.m., Eastern Time,  _____________,
2010  ("Expiration  Date"),  but not thereafter,  to subscribe for, purchase and
receive,  in whole or in part, up to One Million  (1,000,000) units ("Units") of
the Company,  each Unit  consisting of one share of common stock of the Company,
par value  $.0001 per share  ("Common  Stock"),  and one warrant  ("Warrant(s)")
expiring  four  years  from  the  effective  date  ("Effective   Date")  of  the
registration  statement  ("Registration  Statement") pursuant to which Units are
offered  for sale to the public  ("Offering").  Each  Warrant is the same as the
warrants included in the Units being registered for sale to the public by way of
the  Registration   Statement  ("Public  Warrants")  except  that  the  Warrants
underlying the Units  comprising  this Purchase Option have an exercise price of
$7.50 per share. If the Expiration  Date is a day on which banking  institutions
are  authorized by law to close,  then this Purchase  Option may be exercised on
the next  succeeding  day which is not such a day in  accordance  with the terms
herein.  During the period ending on the Expiration Date, the Company agrees not
to take any action that would  terminate  the  Purchase  Option.  This  Purchase
Option is  initially  exercisable  at $10.00  per Unit so  purchased;  provided,
however,  that upon the  occurrence of any of the events  specified in Section 6
hereof, the rights granted by this Purchase Option, including the exercise price
per Unit and the number of Units (and shares of Common Stock and Warrants) to be
received upon such exercise, shall be adjusted as therein specified.

      The term  "Exercise  Price" shall mean the initial  exercise  price or the
adjusted exercise price, depending on the context.

      The  term  "Holder"  shall  mean,  as of  any  date,  Shemano  and/or  any
transferee  who acquired the Purchase  Option(s) in accordance  with section 3.1
hereof.

      The term "Business Day" shall mean any day,  except a Saturday,  Sunday or
legal  holiday  on which the  banking  institutions  in the City of New York are
authorized or obligated by law or executive order to close.

<PAGE>

2.    Exercise.

      2.1   Exercise  Form.  In order to  exercise  this  Purchase  Option,  the
exercise form attached  hereto must be duly executed and completed and delivered
to the Company,  together with this Purchase  Option and payment of the Exercise
Price for the Units being  purchased  payable in cash or by  certified  check or
official bank check. If the subscription  rights represented hereby shall not be
exercised at or before 5:00 p.m.,  Eastern time, on the  Expiration  Date,  this
Purchase  Option shall become and be void without  further force or effect,  and
all rights represented hereby shall cease and expire.

      2.2   Legend.  Each  certificate  for the securities  purchased under this
Purchase  Option shall bear a legend as follows unless such securities have been
registered under the Securities Act of 1933, as amended ("Act"):

            "The  securities  represented  by this  certificate  have  not  been
            registered  under the Securities Act of 1933, as amended  ("Act") or
            applicable  state law. The  securities  may not be offered for sale,
            sold  or  otherwise  transferred  except  pursuant  to an  effective
            registration  statement  under the Act, or pursuant to an  exemption
            from registration under the Act and applicable state law."

      2.3   Cashless Exercise.

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

                                       2
<PAGE>

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

            2.3.3 Warrant Exercise.  Any Warrants  underlying the Units shall be
issued  pursuant  to and  subject to the terms and  conditions  set forth in the
Warrant Agreement, entered into by and between the Company and Continental Stock
Transfer & Trust Company, dated as of _____, 2005; provided,  that, the exercise
price of the Warrants shall be as set forth herein.

3.    Transfer.

      3.1   General Restrictions. The registered Holder of this Purchase Option,
by its acceptance hereof, agrees that it will not sell, transfer, assign, pledge
or  hypothecate  this  Purchase  Option for a period of one year  following  the
Effective  Date to anyone other than (i) Shemano or an underwriter or a selected
dealer in connection  with the Offering,  or (ii) a bona fide officer,  partner,
subsidiary or other affiliate of Shemano or of any such  underwriter or selected
dealer.  On and after the first anniversary of the Effective Date, this Purchase
Option may be sold, transferred,  assigned,  pledged,  hypothecated or otherwise
disposed of, in whole or in part,  subject to compliance with or exemptions from
applicable  securities  laws.  In order to make any  permitted  assignment,  the
Holder must  deliver to the Company the  assignment  form  attached  hereto duly
executed and  completed,  together  with the Purchase  Option and payment of all
transfer  taxes,  if any,  payable in  connection  therewith.  The Company shall
within five business  days  transfer  this  Purchase  Option on the books of the
Company and shall execute and deliver a new Purchase Option or Purchase  Options
of like tenor to the appropriate  assignee(s)  expressly evidencing the right to
purchase the aggregate number of Units purchasable  hereunder or such portion of
such number as shall be contemplated by any such assignment.

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

4.    New Purchase Options to be Issued.

      4.1   Partial Exercise or Transfer. Subject to the restrictions in Section
3 hereof, this Purchase Option may be exercised or assigned in whole or in part.
In the event of the exercise or assignment  hereof in part only,  upon surrender
of this  Purchase  Option  for  cancellation,  together  with the duly  executed
exercise or  assignment  form and funds  sufficient  to pay any  Exercise  Price
(except to the extent the Holder  elects to  exercise  this  Purchase  Option by
means of cashless  exercise as  provided by Section 2.3 above)  and/or  transfer
tax, the Company shall cause to be delivered to the Holder  without charge a new
Purchase  Option of like tenor to this Purchase Option in the name of the Holder
evidencing  the right of the Holder to purchase the number of Units  purchasable
hereunder as to which this Purchase  Option has not been  exercised or assigned.
In addition, the Company shall cause to be delivered to any permitted transferee
without  charge a new Purchase  Option of like tenor to this Purchase  Option in
the name of such transferee  evidencing the right of such transferee to purchase
the number of Units  purchasable  hereunder as to which this Purchase Option has
been transferred to such transferee.

                                       3
<PAGE>

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

5.    Registration Rights.

      5.1   Demand Registration.

            5.1.1 Grant of Right.  The Company,  upon written  demand  ("Initial
Demand Notice") of the Holder(s) of at least 51% of the Purchase  Options and/or
the underlying  Units and/or the  underlying  securities  ("Majority  Holders"),
agrees to register on one occasion,  all or any portion of the Purchase  Options
requested by the Majority  Holders in the Initial  Demand  Notice and all of the
securities underlying such Purchase Options,  including the Units, Common Stock,
the Warrants and the Common Stock  underlying  the Warrants  (collectively,  the
"Registrable   Securities").   On  such  occasion,   the  Company  will  file  a
registration  statement  or  a  post-effective  amendment  to  the  Registration
Statement covering the Registrable Securities within sixty days after receipt of
the Initial  Demand  Notice and use its best  efforts to have such  registration
statement or  post-effective  amendment  declared  effective as soon as possible
thereafter.  The demand for registration may be made at any time during a period
of five years beginning on the Effective Date. The Company  covenants and agrees
to give  written  notice of its  receipt  of any  Initial  Demand  Notice by any
Holder(s) to all other  registered  Holders of the Purchase  Options  and/or the
Registrable  Securities within ten days from the date of the receipt of any such
Initial Demand Notice.

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

      5.2   "Piggy-Back" Registration.

            5.2.1 Grant  of  Right.   In  addition   to  the  demand   right  of
registration,  the Holders of the  Purchase  Options  shall have the right for a
period  of  seven  years  commencing  on the  Effective  Date,  to  include  the
Registrable  Securities as part of any other registration of securities filed by
the Company (other than in connection  with a transaction  contemplated  by Rule
145(a)  promulgated under the Act or pursuant to Form S-8);  provided,  however,
that if,  in the  written  opinion  of the  Company's  managing  underwriter  or
underwriters,  if any,  for such  offering,  the  inclusion  of the  Registrable
Securities,  when added to the securities being registered by the Company or the
selling  stockholder(s),  will  exceed  the  maximum  amount  of  the  Company's
securities which can be marketed (i) at a price reasonably related to their then
current market value,  and (ii) without  materially and adversely  affecting the
entire  offering,  then the  Company  will  still be  required  to  include  the
Registrable  Securities,  but may require the Holders to agree,  in writing,  to
delay the sale of all or any portion of the Registrable  Securities for a period
of 90 days from the effective date of the offering,  provided,  further, that if
the  sale of any  Registrable  Securities  is so  delayed,  then the  number  of
securities to be sold by all stockholders in such public offering during such 90
day period shall be  apportioned  pro rata among all such selling  stockholders,
including  all holders of the  Registrable  Securities,  according  to the total
amount  of  securities  of the  Company  owned  by  said  selling  stockholders,
including all holders of the Registrable Securities.

            5.2.2 Terms. The Company shall bear all fees and expenses  attendant
to registering  the Registrable  Securities,  including the fees and expenses of
one  legal  counsel  selected  by the  Majority  Holders  to  represent  them in
connection with the sale of the Registrable  Securities but the Majority Holders
shall  pay any and  all  underwriting  commissions  related  to the  Registrable
Securities.  In the event of such a proposed  registration,  the  Company  shall

                                       4
<PAGE>

furnish the then Holders of  outstanding  Registrable  Securities  with not less
than fifteen days  written  notice prior to the proposed  date of filing of such
registration  statement.  Such notice to the Holders shall  continue to be given
for each applicable registration statement filed (during the period in which the
Purchase  Option is  exercisable)  by the Company  until such time as all of the
Registrable  Securities  have been  registered  and  sold.  The  holders  of the
Registrable  Securities  shall  exercise the  "piggy-back"  rights  provided for
herein by giving written notice, within ten days of the receipt of the Company's
notice of its  intention to file a  registration  statement.  The Company  shall
cause any registration  statement filed pursuant to the above "piggyback" rights
to remain  effective  for at least nine months from the date that the Holders of
the  Registrable  Securities are first given the opportunity to sell all of such
securities.

      5.3   Damages.  Should  the  registration  or  the  effectiveness  thereof
required by Sections 5.1 and 5.2 hereof be delayed by the Company or the Company
otherwise fails to comply with such  provisions,  the Company shall, in addition
to any other equitable or other relief available to the Holder(s), be liable for
any and all  incidental,  special and  consequential  damages  sustained  by the
Holder(s),  including,  but not limited  to, the loss of any profits  that might
have been  received  by the  holder  upon the sale of shares of Common  Stock or
Warrants (and shares of Common Stock  underlying the Warrants)  underlying  this
Purchase Option.

      5.4   General Terms.

            5.4.1 Indemnification.  The Company shall indemnify the Holder(s) of
the  Registrable  Securities to be sold pursuant to any  registration  statement
hereunder and each person,  if any, who controls such Holders within the meaning
of Section  15 of the Act or Section  20(a) of the  Securities  Exchange  Act of
1934, as amended ("Exchange Act"), against all loss, claim,  damage,  expense or
liability   (including  all  reasonable   attorneys'  fees  and  other  expenses
reasonably incurred in investigating, preparing or defending against litigation,
commenced or  threatened,  or any claim  whatsoever  whether  arising out of any
action between the  underwriter  and the Company or between the  underwriter and
any third party or otherwise) to which any of them may become  subject under the
Act, the Exchange Act or otherwise, arising from such registration statement but
only to the same extent and with the same effect as the  provisions  pursuant to
which the Company has agreed to indemnify the underwriters  contained in Section
5 of the  Underwriting  Agreement  between  the  Company,  Shemano and the other
underwriters  named  therein  dated the  Effective  Date.  The  Holder(s) of the
Registrable Securities to be sold pursuant to such registration  statement,  and
their successors and assigns,  shall severally,  and not jointly,  indemnify the
Company,  its officers and directors  and each person,  if any, who controls the
Company  within the  meaning  of  Section 15 of the Act or Section  20(a) of the
Exchange Act, against all loss, claim,  damage,  expense or liability (including
all  reasonable  attorneys'  fees and  other  expenses  reasonably  incurred  in
investigating,  preparing or defending  against any claim  whatsoever)  to which
they may become  subject under the Act, the Exchange Act or  otherwise,  arising
from information  furnished by or on behalf of such Holders, or their successors
or assigns, in writing, for specific inclusion in such registration statement to
the same extent and with the same effect as the provisions  contained in Section
5 of the Underwriting  Agreement  pursuant to which the underwriters have agreed
to indemnify the Company.

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

            5.4.3 Documents  Delivered  to Holders.  The Company  shall  furnish
Shemano, as representative of the Holders  participating in any of the foregoing
offerings, a signed counterpart,  addressed to the participating Holders, of (i)
an  opinion  of  counsel  to the  Company,  dated  the  effective  date  of such
registration  statement  (and,  if such  registration  includes an  underwritten
public offering, an opinion dated the date of the closing under any underwriting
agreement related thereto), and (ii) a "cold comfort" letter dated the effective
date of such  registration  statement  (and,  if such  registration  includes an
underwritten  public offering,  a letter dated the date of the closing under the
underwriting  agreement) signed by the independent  public  accountants who have
issued  a  report  on  the  Company's  financial  statements  included  in  such
registration  statement,  in each case covering  substantially  the same matters
with  respect  to such  registration  statement  (and  the  prospectus  included
therein) and, in the case of such  accountants'  letter,  with respect to events
subsequent to the date of such financial statements,  as are customarily covered
in  opinions  of  issuer's  counsel and in  accountants'  letters  delivered  to
underwriters in underwritten  public offerings of securities.  The Company shall
also deliver promptly to Shemano, as representative of the Holders participating

                                       5
<PAGE>

in the offering,  the correspondence and memoranda described below and copies of
all  correspondence  between  the  Commission  and the  Company,  its counsel or
auditors and all memoranda  relating to  discussions  with the Commission or its
staff  with  respect  to the  registration  statement  and  permit  Shemano,  as
representative of the Holders, to do such investigation, upon reasonable advance
notice,   with  respect  to  information   contained  in  or  omitted  from  the
registration   statement  as  it  deems  reasonably  necessary  to  comply  with
applicable  securities  laws or rules of the National  Association of Securities
Dealers, Inc ("NASD"). Such investigation shall include access to books, records
and properties and opportunities to discuss the business of the Company with its
officers and independent  auditors,  all to such  reasonable  extent and at such
reasonable  times and as often as Shemano,  as  representative  of the  Holders,
shall  reasonably  request.  The Company  shall not be required to disclose  any
confidential  information or other records to Shemano,  as representative of the
Holders,  or to any other  person,  until and  unless  such  persons  shall have
entered  into  reasonable  confidentiality  agreements  (in form  and  substance
reasonably satisfactory to the Company), with the Company with respect thereto.

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

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

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

6.    Adjustments.

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

                                       6
<PAGE>

            6.1.1 Stock  Dividends - Split-Ups.  If after the date  hereof,  and
subject to the provisions of Section 6.4 below, the number of outstanding shares
of Common  Stock is increased  by a stock  dividend  payable in shares of Common
Stock or by a split-up of shares of Common Stock or other similar  event,  then,
on the effective date thereof,  the number of shares of Common Stock  underlying
each of the Units purchasable hereunder shall be increased in proportion to such
increase in  outstanding  shares.  In such case,  the number of shares of Common
Stock,  and the  exercise  price  applicable  thereto,  underlying  the Warrants
underlying  each  of the  Units  purchasable  hereunder  shall  be  adjusted  in
accordance with the terms of the Warrants.  For example, if the Company declares
a  two-for-one  stock  dividend and at the time of such  dividend  this Purchase
Option is for the  purchase  of one Unit at $10.00 per whole Unit (each  Warrant
underlying the Units is exercisable for $7.50 per share),  upon effectiveness of
the dividend, this Purchase Option will be adjusted to allow for the purchase of
one Unit at $10.00 per Unit,  each Unit  entitling  the  holder to  receive  two
shares of Common Stock and two Warrants (each Warrant  exercisable for $3.75 per
share).

            6.1.2 Aggregation of Shares.  If after the date hereof,  and subject
to the  provisions  of Section 6.4, the number of  outstanding  shares of Common
Stock is decreased by a consolidation, combination or reclassification of shares
of Common Stock or other similar event, then, on the effective date thereof, the
number  of  shares  of Common  Stock  underlying  each of the Units  purchasable
hereunder  shall be  decreased in  proportion  to such  decrease in  outstanding
shares.  In such case,  the number of shares of Common  Stock,  and the exercise
price applicable  thereto,  underlying the Warrants underlying each of the Units
purchasable  hereunder  shall be  adjusted in  accordance  with the terms of the
Warrants.

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

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

      6.2   [Intentionally Omitted].

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

                                       7
<PAGE>

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

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

8.    Certain Notice Requirements.

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

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

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

                                       8
<PAGE>

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

                           Viceroy Acquisition Corporation
                           8235 Forsyth Boulevard, Suite 400
                           Clayton, MO 63105
                           Attn:  Chief Executive Officer

9.    Miscellaneous.

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

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

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

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

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

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

                                       9
<PAGE>

      10.4  Execution in  Counterparts.  This Purchase Option may be executed in
one or more  counterparts,  and by the  different  parties  hereto  in  separate
counterparts,  each of which shall be deemed to be an original, but all of which
taken together shall  constitute  one and the same  agreement,  and shall become
effective when one or more  counterparts  has been signed by each of the parties
hereto and delivered to each of the other parties hereto.

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

      10.6  Underlying  Warrants.  At any time after  exercise  by the Holder of
this  Purchase  Option,  the  Holder may  exchange  his  Warrants  (with a $7.50
exercise  price) for Public  Warrants (with a $6.00 exercise price) upon payment
to the Company of the  difference  between the exercise price of his Warrant and
the exercise price of the Public Warrants.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       10
<PAGE>

      IN WITNESS  WHEREOF,  the Company has caused  this  Purchase  Option to be
signed by its duly authorized officer as of the ____ day of , 2005.

                                               VICEROY ACQUISITION CORPORATION

                                               By:______________________________
                                                  Name:  Lee E. Mikles
                                                  Title: Chief Executive Officer

                                       11
<PAGE>

Form to be used to exercise Purchase Option:

Viceroy Acquisition Corporation
8235 Forsyth Boulevard, Suite 400
Clayton, MO 63105

Date:_________________, 200__

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

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

                                               _________________________________
                                               Signature

                                               _________________________________
                                               Signature Guaranteed

                   INSTRUCTIONS FOR REGISTRATION OF SECURITIES

Name_____________________________________________
               (Print in Block Letters)

Address__________________________________________

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

<PAGE>

Form to be used to assign Purchase Option:

                                   ASSIGNMENT

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

      FOR VALUE RECEIVED,___________________________________________ does hereby
sell, assign and transfer  unto______________________________________  the right
to purchase  __________  Units of Viceroy  Acquisition  Corporation  ("Company")
evidenced by the within Purchase Option and does hereby authorize the Company to
transfer such right on the books of the Company.

Dated:___________________, 200_

                                               _________________________________
                                               Signature

                                               _________________________________
                                               Signature Guaranteed

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

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