Document:

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Exhibit 4.4

WARRANT AGREEMENT

     Agreement made as of                     . 2005 between Ad.Venture Partners, Inc., a Delaware
corporation, with offices at 18 W. 18th Street, 11th Floor, New York, New York 10011
(the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation, with
offices at 17 Battery Place, New York, New York 10004 (the “Warrant Agent”).

     WHEREAS, the Company is engaged in a public offering (“Public Offering”) of Units (“Units”)
and, in connection therewith, has determined to issue and deliver up to (i) 34,500,000 Warrants
(“Public Warrants”) to the public investors, 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 $5.00, subject to adjustment as described herein and
(ii) 1,500,000 Warrants to Wedbush Moran Securities Inc. (“Wedbush”) 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 $6.65, subject to adjustments as described herein;

     WHEREAS, the Company has filed with the Securities and Exchange Commission a Registration
Statement, No. 333-124141 on Form S-1 (“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;

     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, exercise and cancellation of the Warrants;

     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 and Treasurer, Secretary or Assistant Secretary of the Company and shall
bear a facsimile of the Company’s seal. In the event the person whose facsimile signature has been
placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the
Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had
not ceased to be such at the date of issuance. 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.

     2.3. Detachability of Warrants. The securities comprising the Units will not be
separately transferable until the earlier to occur of the expiration of the underwriters’ over
allotment option or 20 days after the exercise in full or in part by the underwriters of such
option (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.

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     2.4. Registration.

          2.4.1. Warrant Register. The Warrant Agent shall maintain books (“Warrant Register”),
for 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 Certificates 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 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.

          2.4.2. 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 Warrant 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 such 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 (a “Registered Holder”), as the absolute owner of such Warrant and of each
Warrant represented thereby (notwithstanding any notation of

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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.

     2.5 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 $5.00 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 $6.65 per whole share,
subject to the adjustments provided in Section 4 hereof. 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.

     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 or stock acquisition or other similar type of transaction or a combination of
any of the foregoing, of one or more operating businesses in the technology, media or
telecommunications industries having collectively, a fair market value (as calculated in accordance
with the requirements as set forth in the Company’s Certificate of Incorporation) of at least 80%
of the Company’s net assets at the time of such acquisition (a “Business Combination”) or                    ,
2006, and terminating at 5:00 p.m., New York City time on the earlier to occur of (i)                     ,
2010 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

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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 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

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advise the
Company at the end of each day on which 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.

     (i) The Warrant Agent shall, by 11:00 A.M on the Business Day following the Exercise Date of
any Warrant, advise the Company and the transfer agent and registrar 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.

     (ii) 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 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

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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.

     (iii) 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
payments of dividends and any other amounts payable in respect of the Shares shall be governed by,
and shall be subject to, the terms and provisions generally applicable to such Shares.

     (iv) 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.

     (v) 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.

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

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

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

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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.

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     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.

     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.

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     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.

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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 $8.50 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.

     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 (the “Redemption
Date”). 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 (the
“Redemption Notice”). Any notice mailed in the manner herein provided shall be conclusively
presumed to have been duly given on the date sent 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.

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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 Wedbush.

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8. Concerning the Warrant Agent and Other Matters.

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

     8.2. Resignation, Consolidation, or Merger of Warrant Agent.

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

-14-

 

          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 Chief
Executive Officer 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.

-15-

 

          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 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 Account (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.

-16-

 

     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:

Ad.Venture Partners, Inc.

18 W. 18th Street, 11th Floor

New York, New York 10011

Attn : Chairman

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:

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn : Compliance Department

with a copy in each case to:

Cooley Godward LLP

One Maritime Plaza, 20th Floor

San Francisco, California 94111-3580

Attn : Kenneth L. Guernsey, Esq.

     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

-17-

 

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 and, for the purposes of Sections 6.4 and 7.4 hereof, Wedbush, any right,
remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition,
stipulation, promise, or agreement hereof. Wedbush shall be deemed to be a third-party beneficiary
of this Agreement with respect to Sections 6.4 and 7.4 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 Wedbush with respect to the Sections 6.4 and 7.4
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.

     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.

-18-

 

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

	 	 	 	 	 	 	 
	Attest:	 	 	 	AD.VENTURE PARTNERS, INC.
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: Howard S. Balter
	 

	 	 	 	 	 	Title: Chairman of the Board and Chief
	 

	 	 	 	 	 	Executive Officer
	 
	 	 	 	 	 	 
	Attest:	 	 	 	CONTINENTAL STOCK TRANSFER
& TRUST COMPANY
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: Steven Nelson
	 

	 	 	 	 	 	Title: Chairman

-19-

 

Exhibit A

Form of Warrant<PAGE>
                                                                     Exhibit 4.5

                       FORM OF UNDERWRITER PURCHASE OPTION

THE HOLDER (AS DEFINED HEREIN) 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 180 DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE
OTHER THAN (I) UNDERWRITER, OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING
(DEFINED BELOW), OR (II) A BONA FIDE OFFICER OR PARTNER OF ANY UNDERWRITER OR
SELECTED DEALER.

THIS PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF (I) THE
CONSUMMATION BY AD.VENTURE PARTNERS, INC. ("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)) AND (II) ______________, 2006. VOID AFTER 5:00 P.M. EASTERN
TIME, _____________, 2010.

                              UNIT PURCHASE OPTION

                               FOR THE PURCHASE OF

                                  750,000 UNITS

                                       OF

                            AD.VENTURE PARTNERS, INC.

1.    Purchase Option.

            THIS CERTIFIES THAT, in consideration of $100 duly paid by or on
behalf of Wedbush Morgan Securities Inc. ("Wedbush"), as registered owner of
this purchase option ("Purchase Option"), to Ad.Venture Partners, Inc.
("Company"), Holder is entitled, at any time or from time to time upon the later
of (i) the consummation of a Business Combination and (ii) ___________, 2006
("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 Seven Hundred Fifty Thousand (750,000) 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 two warrants
("Warrant(s)") expiring five 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 have an
exercise price of $6.65 per share, subject to adjustment as provided in Section
6 hereof. 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
<PAGE>
Purchase Option. This Purchase Option is initially exercisable at $7.50 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, Wedbush and/or any
transferee who acquired the Purchase Option(s) in accordance with Section 3.1
hereof.

            As used herein, 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.

2.    Exercise.

      2.1. Exercise Form. In order to exercise this Purchase Option, the
exercise form attached hereto as Exhibit A 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, in whole or in part, 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
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

                                       2
<PAGE>
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 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. The "Current Market Price" of a
share of Common Stock shall mean (i) if the Common Stock 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 in the principal trading
market for the Common Stock as reported by the exchange, Nasdaq or the NASD, as
the case may be; (ii) if the Common Stock 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 such as the Bulletin Board Exchange), but
is traded in the residual over-the-counter market, the closing bid price for the
Common Stock 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.

            2.3.2. 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, hypothecate or otherwise dispose of this Purchase Option for a period of
180 days following the Effective Date to anyone other than (i) an underwriter or
a selected dealer participating in the Offering, or (ii) a bona fide officer,
partner, subsidiary or other affiliate of any such underwriter or selected
dealer. On and after the 180th day following 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; provided that any transfer to any person other than
(i) an underwriter or a selected dealer participating in the Offering, or (ii) a
bona fide officer, partner, subsidiary or other affiliate of any such
underwriter or selected dealer shall be subject to the prior written consent of
the Company (which consent shall not be unreasonably withheld). In order to make
any permitted assignment, the Holder must deliver to the Company the assignment
form attached hereto as Exhibit B duly executed and completed and the written
agreement of the transferee to be

                                       3
<PAGE>
bound by the terms of this Section 3.1, together with the Purchase Option and
payment of all transfer taxes, if any, payable in connection therewith.

      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 Bingham McCutchen 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 a 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.

      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

                                       4
<PAGE>
its reasonable best efforts to have such registration statement or
post-effective amendment declared effective as soon as possible thereafter;
provided, that, if the Chief Executive Officer of the Company furnishes to the
Majority Holders a certificate stating in good faith that the Company expects to
file a registration statement (other than a registration statement relating to
any employee benefit plan, or a registration statement related solely to stock
issued upon conversion of debt securities) within 90 days of the Company's
receipt of the Initial Demand Notice and is exercising its right to delay the
filing of a Registration Statement during the resulting Blackout Period (defined
below) (the "Blackout Period Certificate") within five (5) Business Days after
it receives the Initial Demand Notice then (i) the Company shall not be required
to take any action pursuant to this section 5.1 during such Blackout Period
provided that the Company is actively employing in good faith all reasonable
efforts to cause such registration statement to become effective, (ii) the
Initial Demand Notice shall be deemed received, for purposes of determining the
availability of registration rights of the Holders under this Section 5.1, when
actually received by the Company, and (iii) the Initial Demand Notice shall be
deemed received, for purposes of determining the timing of any obligation of the
Company under this Section 5.1, on the first Business Day immediately succeeding
the conclusion of such Blackout Period. The Initial Demand Notice for
registration may be made at any time during a period of five years beginning on
the Effective Date; provided, that the Majority Holders may not deliver an
Initial Demand Notice pursuant to this Section 5.1.1 prior to the consummation
of a Business Combination. The Company shall 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. Once made, a request for
registration pursuant to an Initial Demand Notice provided in accordance with
this Section 5.1.1 may not be revoked, except that such a request for
registration pursuant to an Initial Demand Notice may be revoked (and shall not
be deemed to have been made for purposes of determining the rights of the
Holders under this Section 5.1.1) by a Majority Holders if (i) the Majority
Holders have received a notice of a Blackout Period from the Company and (ii)
the Majority Holders provide written notice to the Company within thirty (30)
days of receipt of any such notice of a Blackout Period requesting such
revocation for the purpose of preserving the right to request registration
pursuant to an Initial Demand Notice at a time subsequent thereto. For purposes
of this Section 5, "Blackout Period" means a period not to exceed (90) days
beginning on the date the Company's Chief Executive Officer furnishes to the
Majority Holder the Blackout Period Certificate; provided that in the event the
Company in fact files such registration statement within such 90-day period,
such 90-day period shall be extended until the last day of the distribution
period of such primary offering of securities. The Company may not delay the
ability of the Majority Holders to exercise any of their rights under this
Purchase Option by way of giving notice of a Blackout Period more than once in
any 12 month period, and any notice of a Blackout Period given by the Company to
the Majority Holders cannot come less than six months after a previous Blackout
Period notice given by the Company. Notwithstanding anything to the contrary
herein, a request for registration pursuant to an Initial Demand Notice shall
not be deemed to have been made for purposes of determining the rights of the
Holders under this Section 5.1.1 if (i) the Majority Holders have requested
registration pursuant to an Initial Demand Notice and (ii) such registration has
not occurred as a result of the Company's failure to comply with its obligations
under this Section 5.1. For the avoidance of doubt, subject to the other terms
and conditions set forth herein, the Company is required to effect only one (1)
registration at the request of the Majority Holders under this Section 5.1.1
that is declared or ordered effective.

                                       5
<PAGE>
            5.1.2. Terms. The Company shall bear all fees and expenses attendant
to registering the Registrable Securities, including the reasonable 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 discounts and 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 nine 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 the managing underwriter or underwriters for such offering that is to be
an underwritten offering advises the Company and the Holders in writing that the
dollar amount or number of Registrable Securities that the Holders desire to
sell, taken together with all other shares of Common Stock or other securities
that the Company desires to sell and the shares of Common Stock, if any, as to
which registration has been requested pursuant to written contractual piggy-back
registration rights held by other holders of the Company's securities who desire
to sell securities, exceeds the maximum dollar amount or maximum number of
shares that can be sold in such offering without adversely affecting the
proposed offering price, the timing, the distribution method, or the probability
of success of such offering (such maximum dollar amount or maximum number of
shares, as applicable, the "Maximum Number of Shares"), then the Company shall
include in such registration:

                  (i) If the registration is undertaken for the Company's
account or is a "demand" registration undertaken at the demand of persons who
were stockholders of the Company prior to the consummation of its initial public
offering (the "Initial Stockholders") pursuant to the Registration Rights
Agreement, dated as of __________, 2005, by and among the Company and the
stockholders party thereto (the "Registration Rights Agreement"), (A) first, the
shares of Common Stock for the account of the demanding Initial Stockholders
("Insider Shares") as to which the demand registration has been requested
pursuant to the Registration Rights Agreement, together with all other shares of
Common Stock or other securities that the Company desires to sell and the
Registrable Securities as to which registration has been requested pursuant to
this Section 5.2 (all pro rata in accordance with the number of shares that the
Holders, the Company, and/or the Initial Stockholders shall have requested to be
included in such registration), that can be sold without exceeding the Maximum
Number of Shares; (B) second, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clause (A), the shares of Common Stock,
if any, as to which registration has been requested pursuant to written
contractual piggy-back

                                       6
<PAGE>
registration rights which other shareholders desire to sell that can be sold
without exceeding the Maximum Number of Shares; and (C) third, to the extent the
Maximum Number of Shares has not been reached under the foregoing clauses (A)
and (B), the shares of Common Stock, if any, that other stockholders desire to
sell that can be sold without exceeding the Maximum Number of Shares; and

                  (ii) If the registration is a "demand" registration undertaken
at the demand of persons other than the holders of Registrable Securities or the
Initial Stockholders pursuant to written contractual arrangements with such
persons, (A) first, the shares of Common Stock for the account of the demanding
persons as to which demand registration has been requested, together with all
other shares of Common Stock or other securities that the Company desires to
sell, the Registrable Securities as to which registration has been requested
pursuant to this Section 5.2, and the Insider Shares as to which registration
has been requested pursuant to the Registration Rights Agreement (all pro rata
in accordance with the number of shares that the demanding stockholders, the
Holders, the Company, and/or the Initial Stockholders shall have requested to be
included in such registration), that can be sold without exceeding the Maximum
Number of Shares; (B) second, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clause (A), the shares of Common Stock,
if any, as to which registration has been requested pursuant to written
contractual piggy-back registration rights which other shareholders desire to
sell that can be sold without exceeding the Maximum Number of Shares; and (C)
third, to the extent the Maximum Number of Shares has not been reached under the
foregoing clauses (A) and (B), the shares of Common Stock, if any, that other
stockholders desire to sell that can be sold without exceeding the Maximum
Number of Shares.

            5.2.2. Terms. The Company shall bear all fees and expenses attendant
to registering the Registrable Securities, including the expenses of one legal
counsel selected by a majority of the Holders to represent them in connection
with the sale of the Registrable Securities but the Holders shall pay any and
all underwriting discounts and commissions related to the Registrable
Securities. In the event of such a proposed registration, the Company shall
furnish the then Holders of outstanding Registrable Securities with not less
than fifteen 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.

      5.3. Suspension of Use of Effective Registration Statement. If a
registration statement relating to the registration of Registrable Securities
under this Section 5 hereof has been declared effective ("Effective Registration
Statement"), subject to the good faith determination by the Board of Directors
of the Company that it is reasonably necessary to suspend the use of such
Effective Registration Statement or sales of Registrable Securities by Holders
under such Effective Registration Statement, the Company may, upon written
notice (the "Suspension Notice") to the Holders, direct the Holders to suspend
the use of or sales under such Effective Registration Statement for a period not
to exceed thirty (30) days in any three (3) month period or ninety (90) days in
the aggregate in any twelve (12) month period, if any of the following events
(each, a "Suspension Event") shall occur: negotiations relating to, or the
consummation of, a transaction or the occurrence of an event, in each case, that
(i)

                                       7
<PAGE>
would require additional disclosure of material information by the Company in
such Effective Registration Statement or other public filings and which has not
been so disclosed, and (ii) either (x) as to which the Company has a bona fide
business purpose for preserving confidentiality, or (y) that renders the Company
unable to comply with SEC requirements or (z) that would make it unduly
burdensome to promptly amend or supplement such Effective Registration Statement
on a post-effective basis, as applicable. Upon the occurrence of any such
Suspension Event, the Company shall use its reasonable best efforts to take or
cause to be taken such action as is necessary to permit resumed use of such
Effective Registration Statement promptly following the cessation of the
Suspension Event giving rise to such suspension so as to permit the Holders to
resume use of and sales under such Effective Registration Statement as soon as
practicable thereafter. Upon cessation of the Suspension Event giving rise to
such suspension, the Company shall provide the Holders with prompt written
notice that the Suspension Event has ceased (the "End of Suspension Notice").
The Holders shall not effect any sales of the Registrable Securities pursuant to
such Effective Registration Statement at any time after it has received a
Suspension Notice from the Company and prior to receipt of an End of Suspension
Notice. If so directed by the Company in a Suspension Notice, each Holder will
deliver to the Company (at the expense of the Company) all copies, other than
permanent file copies then in such Holder's possession, of any prospectuses
covering the Registrable Securities at the time of receipt of such Suspension
Notice.

      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, Wedbush 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
but only 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

                                       8
<PAGE>
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
Wedbush, 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 Wedbush, as representative of the Holders participating
in the offering, the correspondence and memoranda described below and copies of
all correspondence between the Commission and the Company, its counsel or
auditors and all memoranda relating to discussions with the Commission or its
staff with respect to the registration statement and permit Wedbush, 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 Wedbush, as representative of the Holders,
shall reasonably request. The Company shall not be required to disclose any
confidential information or other records to Wedbush, 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; provided that the foregoing
shall not be deemed to permit such Holders to negotiate the terms of the
underwriting agreement (in their capacity as 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

                                       9
<PAGE>
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.

            5.4.7. Holder Obligations. No Holder may participate in any
underwritten offering pursuant to this Section 5 unless such Holder (i) agrees
to sell only the Holder's Registrable Securities on the basis reasonably
provided in any underwriting agreement, and (ii) completes, executes and
delivers any and all questionnaires, powers of attorney, custody agreements,
indemnities, underwriting agreements and other documents reasonably and
customarily required by or under the terms of any underwriting agreement.

6.    Adjustments.

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

            6.1.1. Stock Dividends - Split-Ups. If after the date hereof, 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

                                       10
<PAGE>
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 $7.50 per whole Unit
(each Warrant underlying the Units is exercisable for $6.65 per share), upon
effectiveness of the dividend, this Purchase Option will be adjusted to allow
for the purchase of one Unit at $7.50 per Unit, each Unit entitling the holder
to receive two shares of Common Stock and four Warrants (each Warrant
exercisable for $3.325 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]

                                       11
<PAGE>
      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.

      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

                                       12
<PAGE>
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
President and Chief Financial Officer.

      8.4. Transmittal of Notices. All notices, requests, consents and other
communications under this Purchase Option shall be in writing and shall be
deemed to have been duly made when hand delivered, or mailed by express mail or
next-day 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:

                          Ad.Venture Partners, Inc.
                          18 W. 18th Street, 11th Floor
                          New York, New York, 10011
                          Attn: Howard S. Balter, Chief Executive Officer

9.    Miscellaneous.

      9.1. Amendments. The Company and Wedbush 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 Wedbush may deem necessary or desirable and that
the Company and Wedbush 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.

                                       13
<PAGE>
      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 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 Purchase Option shall be brought and enforced in the
courts of the State of New York or of the United States of America for the
Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive. 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(their) 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.

      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.

                                       14
<PAGE>
      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 EBC
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 $6.65
exercise price) for Public Warrants (with a $5.00 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.

                                       15
<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.

                                          AD.VENTURE PARTNERS, INC.

                                          By:___________________________________
                                             Name:    Howard S. Balter
                                             Title:   Chief Executive Officer

                                       16
<PAGE>
                                                                       EXHIBIT A

            Form to be used to exercise Purchase Option:

Ad.Venture Partners, Inc.
18 W. 18th Street, 11th Floor
New York , New York  10011

            Date:_________________, 200__

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

                                       or

            The undersigned hereby elects irrevocably to convert its right to
purchase _________ Units purchasable under the within Purchase Option by
surrender of the unexercised portion of the attached Purchase Option (with a
"Value" 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>
                                                                       EXHIBIT B

            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 Ad.Venture Partners, Inc. ("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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