Document:

Exhibit 4.2

 

SPECIMEN FOUNDERS’ COMMON STOCK
CERTIFICATE

 

	
  NUMBER

  	
   

  	
  SHARES

  

 

LEOPARD ACQUISITION CORP.

 

INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

 

COMMON STOCK

 

SEE REVERSE FOR

CERTAIN DEFINITIONS

 

This Certifies that

 

is the owner of

 

FULLY PAID AND NON-ASSESSABLE SHARES OF THE PAR VALUE
OF $0.001

EACH OF THE COMMON STOCK OF

 

LEOPARD ACQUISITION CORP.

 

transferable on the books of the Company in person or
by duly authorized attorney upon surrender of this certificate properly
endorsed.  Witness the seal of the
Company and the facsimile signatures of its duly authorized officers.

 

	
  Dated:

  	
  Leopard Acquisition Corp.

  2008
 CORPORATE SEAL

  DELAWARE

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CHIEF EXECUTIVE

  OFFICER

  	
   

  	
  SECRETARY

  

 

 

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

 

	
  TEN
  COM

  	
  as
  tenants in common

  	
  UNIF
  GIFT MIN ACT - 

  	
   

  	
  Custodian

  	
   

  
	
  TEN
  ENT

  	
  as
  tenants by the entireties

  	
   

  	
  (Cust

  	
  (Minor)

  
	
  JT
  TEN

  	
  as
  joint tenants with right of 

  	
   

  	
  under Uniform Gifts to Minors Act

  
	
   

  	
  survivorship
  and not as tenants

  	
   

  	
   

  
	
   

  	
  in
  common

  	
   

  	
   

  	
   

  
	
   

  	
  
  (State)

  

  
									

 

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

 

Leopard
Acquisition Corp.

 

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

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED,
SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR
AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.  THESE SECURITIES ARE ALSO SUBJECT TO (i) FORFEITURE,
(ii) ADDITIONAL RESTRICTIONS ON TRANSFER OR SALE AND (iii) VOTING
REQUIREMENTS AND HOLDERS OF THE SECURITIES WAIVING ANY RIGHT TO PARTICIPATE IN
A LIQUIDATION DISTRIBUTION IN CERTAIN CIRCUMSTANCES, IN EACH CASE PURSUANT TO A
FOUNDERS’ SECURITIES PURCHASE AGREEMENT DATED
[                      ],
2008, A COPY OF WHICH CAN BE OBTAINED FROM THE COMPANY AT ITS EXECUTIVE
OFFICES.

 

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

 

 

	
  For
  value received,                                                                                   
  hereby sell, assign and transfer unto

  
	
   

  
	
  PLEASE INSERT SOCIAL

  SECURITY OR OTHER

  IDENTIFYING

  NUMBER OF ASSIGNEE

  	
   

  
	
   

  
	
   

  
	
   

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

  	
   

  
	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  
	
   

  	
  shares

  
	
  of
  the capital stock represented by the within Certificate, and do hereby
  irrevocably constitute and appoint

  
	
   

  	
  Attorney

  
	
  to transfer the said stock on the books of the within
  named Company will full power of substitution in the premises.

  
	
   

  
	
   

  
	
  Dated

  	
   

  	
   

  
	
   

  	
  
   

  

  	
   

  
	
   

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

  
	
   

  
	
  Signature(s) Guaranteed:

  
	
   

  
	
  
   

  

  	
   

  
	
  THE
  SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE

  GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN

  ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED

  SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).Exhibit 4.3

 

WARRANT AGREEMENT

 

LEOPARD
ACQUISITION CORP.

 

and

 

CONTINENTAL
STOCK TRANSFER & TRUST COMPANY, as Warrant Agent

 

 

WARRANT
AGREEMENT

 

Dated
as of February 21, 2008

 

 

WARRANT
AGREEMENT

TABLE OF CONTENTS

 

	
   

  	
  Page

  
	
   

  	
   

  
	
  SECTION 1. Appointment of Warrant
  Agent

  	
  1

  
	
   

  	
   

  
	
  SECTION 2. Warrant
  Certificates

  	
  1

  
	
   

  	
   

  
	
  SECTION 3. Execution of
  Warrant Certificates

  	
  1

  
	
   

  	
   

  
	
  SECTION 4. Registration and
  Countersignature

  	
  2

  
	
   

  	
   

  
	
  SECTION 5. Registration of
  Transfers and Exchanges; Transfer Restrictions

  	
  2

  
	
   

  	
   

  
	
  SECTION 6. Terms of Warrants

  	
  4

  
	
   

  	
   

  
	
  SECTION 7. Payment of Taxes

  	
  9

  
	
   

  	
   

  
	
  SECTION 8. Mutilated or
  Missing Warrant Certificates

  	
  9

  
	
   

  	
   

  
	
  SECTION 9. Reservation of
  Warrant Shares

  	
  9

  
	
   

  	
   

  
	
  SECTION 10. Obtaining Stock
  Exchange Listings; State Registration

  	
  10

  
	
   

  	
   

  
	
  SECTION 11. Adjustment of
  Number of Warrant Shares

  	
  10

  
	
   

  	
   

  
	
  SECTION 12. Fractional
  Interests

  	
  20

  
	
   

  	
   

  
	
  SECTION 13. Notices to Warrant
  Holders

  	
  20

  
	
   

  	
   

  
	
  SECTION 14. Merger,
  Consolidation or Change of Name of Warrant Agent

  	
  22

  
	
   

  	
   

  
	
  SECTION 15. Warrant Agent

  	
  22

  
	
   

  	
   

  
	
  SECTION 16. Change of Warrant
  Agent

  	
  25

  
	
   

  	
   

  
	
  SECTION 17. Notices to Company
  and Warrant Agent

  	
  25

  
	
   

  	
   

  
	
  SECTION 18. Supplements and
  Amendments

  	
  26

  
	
   

  	
   

  
	
  SECTION 19. Successors

  	
  26

  
	
   

  	
   

  
	
  SECTION 20. Termination

  	
  27

  
	
   

  	
   

  
	
  SECTION 21. Governing Law

  	
  27

  
	
   

  	
   

  
	
  SECTION 22. Benefits of This
  Agreement

  	
  27

  

 

i

 

	
  SECTION 23. Counterparts

  	
  27

  
	
   

  	
   

  
	
  SECTION 24. Force Majeure

  	
  27

  
	
   

  	
   

  
	
  Exhibit A                            Form of Warrant
  Certificate

  	
   

  
	
   

  	
   

  
	
  Exhibit B                              Legend for Private
  Warrants

  	
   

  

 

ii

 

WARRANT
AGREEMENT dated as of February 21, 2008, between Leopard
Acquisition Corp., a Delaware corporation (the “Company”), and Continental
Stock Transfer & Trust Company, a New York corporation, as Warrant
Agent (the “Warrant Agent”).

 

WHEREAS,
the Company intends to file a registration statement (the “Registration
Statement”) with the Securities Exchange Commission for the initial public
offering of units (the “Initial Public Offering”), each unit (“Unit”)
consisting of one share of the Company’s common stock, par value $0.001 per
share (“Common Stock”), and one warrant to purchase one share of Common
Stock at an exercise price of $7.50 per share;

 

WHEREAS,
the Company has agreed to issue (i) in a private placement to occur
concurrently with the execution of those certain Founders’ Securities Purchase
Agreements, dated February 21, 2008, by and between the Company and the
signatories thereto (the “Founding Stockholders”), 5,031,250 Units (the “Founders’
Units”), each unit consisting of one share of Common Stock (the “Founders’
Shares”), and one warrant to purchase one share of Common Stock at an
exercise price of $7.50 per share (the “Founders’ Warrants”) to the Founding
Stockholders, (ii) in a private placement to occur concurrently with the
closing of the Initial Public Offering, 4,500,000 warrants, each to purchase
one share of Common Stock at an exercise price of $7.50 per share (the “Private
Placement Warrants” and together with the Founders’ Warrants, the “Private
Warrants”) to certain of the Founding Stockholders, and (iii) up to 20,125,000
warrants to purchase shares of Common Stock to be offered to the public
pursuant to the Registration Statement (the “Public Warrants” and
together with the Private Warrants, the “Warrants”).  The shares of Common Stock issuable on
exercise of the Warrants are referred to as the “Warrant Shares”; and

 

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

 

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

 

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

 

SECTION 2.  Warrant Certificates.  The certificates evidencing the Warrants (the
“Warrant Certificates”) to be delivered pursuant to this Agreement shall
be in registered form only and shall be substantially in the form set forth in Exhibit A
attached hereto, the warrant certificates for the Private Warrants shall bear
the legend set forth in Exhibit B except as set forth herein.

 

SECTION 3.  Execution of Warrant
Certificates.  Warrant Certificates shall be signed on
behalf of the Company by its Chief Executive Officer or Chief Financial Officer.  Each such signature upon the Warrant
Certificates may be in the form of a facsimile signature of the present or any
future Chief Executive Officer or Chief Financial Officer and may be imprinted
or otherwise reproduced on the Warrant Certificates and for that purpose the
Company may 

 

 

adopt and use the facsimile signature of any
person who shall have been Chief Executive Officer or Chief Financial Officer,
notwithstanding the fact that at the time the Warrant Certificates shall be
countersigned and delivered or disposed of he or she shall have ceased to hold
such office.

 

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

 

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

 

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

 

The
Company and the Warrant Agent may deem and treat the registered holder(s) of
the Warrant Certificates as the absolute owner(s) thereof (notwithstanding
any notation of ownership or other writing thereon made by anyone), for all
purposes, and neither the Company nor the Warrant Agent shall be affected by
any notice to the contrary.

 

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

 

The Founders’
Warrants may not be sold or transferred until the date that is 180 days after
the Company completes its Initial Business Combination and the Private
Placement Warrants may not be sold or transferred until the date immediately
following the date on which the Company completes its Initial Business Combination,
in either event except in each case to a Permitted Transferee who agrees in
writing with the Company to be subject to such transfer restrictions and in the
case of the Founders’ Warrants the forfeiture of such Warrants as described in Section 6(g) below.
The Founders’ Warrants shall cease to be subject to the foregoing transfer
restrictions if, subsequent to the Company’s completion of its Initial Business
Combination, (i) the Last Reported Sale Price (as defined in Section 6(a) below)
of the Common 

 

2

 

Stock equals or exceeds $14.25 per share for any 20
trading days within a 30-trading day period beginning 90 days after the Initial
Business Combination, or (ii) the Company consummates a subsequent
liquidation, merger, stock exchange or other similar transaction that results
in all of the Company’s stockholders having the right to exchange their shares
of Common Stock for cash, securities or other property.  As used herein, “Permitted Transferee”
means (a) any officer, director or employee of the Company; or (b) any
other person or entity associated or affiliated with the Founding Stockholders.

 

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

 

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

 

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

 

Each
Public Warrant shall initially be issued together with one share of Common
Stock as a Unit.  The share of Common
Stock and Public Warrant comprising a Unit shall not be separately transferable
before the 35th day following the date of the prospectus with respect to the
Company’s Initial Public Offering unless the underwriter with respect thereto
informs the Company of its decision to allow earlier separate trading, in which
case the Company shall notify the Warrant Agent of the effective date of the
separation, subject to the Company having filed a Form 8-K with the
Securities and Exchange Commission containing an audited balance sheet
reflecting the Company’s receipt of the gross proceeds of the offering of the
Units and has issued a press release announcing when such separate trading will
begin (the later of such dates, the “Detachment Date”).  Prior to the Detachment Date, the Public
Warrants may be transferred or exchanged only together with the Unit in which
such Public Warrant is included, and only for the purpose of effecting, or in
conjunction with, a transfer or exchange of such Unit.  Furthermore, prior to the Detachment Date,
each transfer of a Unit on the register relating to such Units shall operate
also to transfer the Public Warrant included in such Unit.

 

Subject
to the terms of this Agreement, Warrant Certificates may be exchanged at the
option of the holder(s) thereof, when surrendered to the Warrant Agent at
its principal corporate trust office, which is currently located at the address
listed in Section 17 hereof, for another 

 

3

 

Warrant Certificate or other Warrant Certificates of
like tenor and representing in the aggregate a like number of Warrants.  Any holder desiring to exchange a Warrant
Certificate shall deliver a written request to the Warrant Agent, and shall
surrender, duly endorsed or accompanied (if so required by the Warrant Agent)
by a written instrument or instruments of transfer in form satisfactory to the
Warrant Agent, the Warrant Certificate or Certificates to be so exchanged.  Warrant Certificates surrendered for exchange
shall be cancelled by the Warrant Agent. 
Such cancelled Warrant Certificates shall then be disposed of by such
Warrant Agent in its customary manner.

 

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

 

SECTION 6.         Terms of Warrants.

 

(a)                                  Exercise Price and Exercise
Period.

 

The initial exercise
price per share that Warrant Shares shall be purchasable upon the exercise of
Warrants (the “Exercise Price”) shall be $7.50 per share, and each
Warrant shall be initially exercisable to purchase one share of Common Stock.

 

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

 

The “Warrant
Exercise Period” shall (x) commence (subject to Section 6(e) below),
(A) for all Warrants other than the Founders’ Warrants on the later of: (i) the
date that is one year from the date of the final prospectus for the Initial
Public Offering or (ii) the date on which the Company completes its
Initial Business Combination (it being understood that in the event the Company
does not complete its Initial Business Combination, the Warrant Exercise Period
shall not commence), and (B) for the Founders’ Warrants on the date that
the Last Reported Sale Price of the Common Stock equals or exceeds $14.25 per
share for any 20 trading days within a 30-trading day period beginning 90 days
after the Initial Business Combination, and (y) shall end on the earlier
of: (i) the date that is five years from the date of the final prospectus
for the Initial Public Offering or (ii) the Business Day preceding the
date on which such Warrants are redeemed pursuant to Section 6(b) below
or expire pursuant to Section 6(f) below.

 

The “Last
Reported Sale Price” of the Common Stock on any date of determination
means:

 

(i)            the last reported sale
price for the regular trading session (without considering after hours or other
trading outside regular trading 

 

4

 

session hours)
of the Common Stock (regular way) on the American Stock Exchange on that date,

 

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

 

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

 

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

 

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

 

(b)                                 Redemption of Warrants.

 

The
Company may call the Warrants for redemption, in whole and not in part, at a
price of $.01 per Warrant, upon not less than 30 days’ prior written notice of
redemption to each Warrant holder, at any time after such Warrants have become
exercisable pursuant to Section 6(a), if, and only if, (i) the Last
Reported Sale Price has equaled or exceeded $14.25 per share for any 20 trading
days within a 30-trading day period ending on the third Business Day prior to
the notice of redemption to Warrant holders and (ii) at all times between
the date of such notice of redemption and the redemption date a registration
statement is in effect covering the Warrant Shares issuable upon exercise of
the Warrants and a current prospectus relating to those Warrant Shares is
available.

 

Upon a
call for redemption of Warrants by the Company, the Company shall have the
right to require all holders of Warrants subject to redemption who exercise
such Warrants after the Company’s call for redemption to do so on a cashless
basis in accordance with the procedures set forth in Section 6(d).

 

Notwithstanding
the foregoing, no Private Warrants shall be redeemable at the option of the
Company so long as they are held by the Founding Stockholders or their
Permitted Transferees; provided that the fact that one or more Private
Warrants are non-redeemable because of the reason described above shall not
affect the Company’s right to redeem the Public Warrants and all Private
Warrants that are not held by the Founding Stockholders or their Permitted
Transferees.

 

5

 

(c)                                  Exercise Procedure.

 

A
Warrant may be exercised upon surrender to the Company at the principal stock
transfer office of the Warrant Agent, which is currently located at the address
listed in Section 17 hereof, of the certificate or certificates evidencing
the Warrants to be exercised with the form of election to purchase on the
reverse thereof duly filled in and signed and such other documentation as the
Warrant Agent may reasonably request, and upon payment to the Warrant Agent for
the account of the Company of the Exercise Price (adjusted as herein provided
if applicable) or on a cashless basis pursuant to Section 6(d), if
applicable, for the number of Warrant Shares in respect of which such Warrants
are then exercised. Payment of the aggregate Exercise Price (unless on a
cashless basis pursuant to Section 6(d)) shall be made by certified or
official bank check payable to the order of the Company in New York Clearing
House Funds, or the equivalent thereof. 
In no event will any Warrants be settled on a net cash basis.

 

Subject
to the provisions of Section 7 hereof, upon such surrender of Warrants and
payment of the Exercise Price or on a cashless basis pursuant to Section 6(d),
if applicable, the Company shall issue and cause to be delivered with all
reasonable dispatch to and in such name or names as the Warrant holder may
designate, a certificate or certificates for the number of full Warrant Shares
issuable upon the exercise of such Warrants. 
Such certificate or certificates shall be deemed to have been issued and
any person so designated to be named therein shall be deemed to have become a
holder of record of such Warrant Shares as of the date of the surrender of such
Warrants and payment of the Exercise Price or on a cashless basis pursuant to Section 6(d),
if applicable.

 

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

 

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

 

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

 

6

 

Certificates
evidencing Warrant Shares issued upon exercise of a Private Warrant shall
contain the following legend:

 

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

 

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

 

(d)                                 Cashless Exercise.

 

(i)                                               The
Private Warrants may be exercised on a cashless basis by the Founding
Stockholders and any Permitted Transferees, at the Founding Stockholders or
such Permitted Transferee’s election (the “Cashless Exercise Election”).

 

(ii)                                            Upon
a call for redemption of Warrants on a cashless basis by the Company pursuant
to Section 6(b) (the “Cashless Exercise Demand”), all holders of
Warrants subject to redemption who exercise such Warrants shall do so on a
cashless basis.

 

(iii)                                         If
the Founding Stockholders or any Permitted Transferee makes a Cashless Exercise
Election with respect to any Private Warrants or if the Company makes a
Cashless Exercise Demand with respect to the Warrants subject to redemption
that the holders thereof have elected to exercise after the Company’s call for
redemption, then upon surrender of such Warrants in accordance with Section 6(c),
the Company shall issue and cause to be delivered with all reasonable dispatch
to and in such name or names as the Founding Stockholders or such Permitted
Transferee or such Warrant holder, as the case may be, may designate, a
certificate or certificates for the number of full Warrant Shares to be issued
upon such cashless exercise, computed by using the following formula:

 

	
   

  	
  X =

  	
  (A)(Y)

  
	
   

  	
  (B)

  

 

X =          The Warrant
Shares to be issued in connection with such cashless exercise to the holder of
the Warrants being exercised.

 

Y=           The number
of Warrant Shares underlying the Warrants being exercised.

 

A=          The value
of one Warrant as of the date of the exercise, which shall be determined by
using the following formula:

 

A = B - the Exercise
Price

 

7

 

B=                                 The
Fair Market Value of a share of Common Stock.

 

For purposes of this
Section 6(d), the “Fair Market Value” of a share of Common Stock
shall mean the average of the Last Reported Sale Prices for the ten trading
days ending on the third trading day prior to (x) with respect to the
Private Warrants subject a Cashless Exercise Election, the date on which the
Warrant exercise notice is sent to the Warrant Agent, and (y) with respect
to the Warrants subject to a Cashless Exercise Demand, the date on which the
notice of redemption is sent to the holders of the Warrants.

 

(iv)                              If
the Company makes a Cashless Exercise Demand, the notice of redemption shall
contain the information necessary to calculate the number of Warrant Shares to
be received by Warrant holders upon exercise of the Warrants, including the
Fair Market Value in such case.

 

(e)                                  Registration Requirement.  Notwithstanding anything else in this Section 6,
no Warrants (including any Private Warrants) may be exercised unless at the
time of exercise (i) a registration statement covering the Warrant Shares
to be issued upon exercise (other than Warrant Shares to be issued upon
exercise of any Private Warrant) is effective under the Act and (ii) a
prospectus thereunder relating to the Warrant Shares (other than Warrant Shares
to be issued upon exercise of any Private Warrant) is current. The Company
shall use its best efforts to have a registration statement in effect covering
Warrant Shares issuable upon exercise of the Warrants (other than Warrant
Shares to be issued upon exercise of any Private Warrant) from the date the
Warrants become exercisable and to maintain a current prospectus relating to
those Warrant Shares until the Warrants expire or are redeemed.  In the event that, at the end of the Warrant
Exercise Period, a registration statement covering the Warrant Shares to be
issued upon exercise (other than Warrant Shares to be issued upon exercise of
any Private Warrant) is not effective under the Act, all the rights of holders
hereunder shall terminate and all of the Warrants shall expire unexercised and
worthless, and as a result purchasers of the Units will have paid the full Unit
price solely for the share of Common Stock included in each Unit.  In no event shall the Warrants be settled on
a net cash basis nor shall the Company be required to issue unregistered shares
upon the exercise of any Warrant that is not a Private Warrant.

 

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

 

(g)                                 Adjustment of Founders’ Warrants.

 

(i)                                               If
the underwriters with respect to the Initial Public Offering do not exercise
the over-allotment option granted to them by the Company, the number of Founders’
Units necessary to ensure that the aggregate amount of Founders’ Shares held by
the Founding Stockholders and any Permitted Transferee does not exceed 20% of
the issued and outstanding Common Stock of the Company upon consummation of the
Initial Public Offering shall be immediately forfeited to the Company by their
holders.  The Company will not make any
cash 

 

8

 

payment to the Founding Stockholders or any
Permitted Transferee in respect of any such adjustment.

 

(ii)                                  If
the number of Units offered to the public in connection with the Initial Public
Offering is increased or decreased, the Founders’ Units (including the Founders’
Units subject to forfeiture) will be adjusted in the same proportion as the
increase or decrease of the Units offered to the public in order to ensure that
the aggregate amount of Founders’ Shares held by the Founding Stockholders and
any Permitted Transferee does not fall below or exceed 20% of the issued and
outstanding Common Stock of the Company upon consummation of the Initial Public
Offering (including any shares of Common Stock issued pursuant to the
underwriter’s over-allotment option). 
The Company will not make or receive any cash payment to or from the Founding
Stockholders or any Permitted Transferees in respect of any such adjustment.

 

(iii)                               Any
additional Units, shares of Common Stock and Warrants the Founding Stockholders
or any of their Permitted Transferees may hold pursuant to (ii) above
shall be deemed to be Founders’ Units, Founders’ Shares and Founders’ Warrants
hereunder and any such Warrants (A) shall be subject to the transfer
restrictions and adjustment provisions set forth in this Agreement with respect
thereto, and (B) shall bear the legend set forth in this Agreement with
respect thereto.

 

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

 

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

 

SECTION 9.  Reservation of Warrant Shares.  The Company will at all times reserve and
keep available, free from preemptive rights, out of the aggregate of its
authorized but unissued Common Stock or its authorized and issued Common Stock
held in its treasury, for the purpose of enabling it to satisfy any obligation
to issue Warrant Shares upon exercise of Warrants, the maximum number of shares
of Common Stock which may then be deliverable 

 

9

 

upon the exercise of
all outstanding Warrants.  The Warrant
Agent shall have no duty to verify availability of such shares set aside by the
Company.

 

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

 

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

 

The
Company covenants that all Warrant Shares which may be issued upon exercise of
Warrants will, upon payment of the Exercise Price therefor or on a cashless
basis pursuant to Section 6(d), if applicable, and issue, be fully paid,
nonassessable, free of preemptive rights and free from all taxes, liens,
charges and security interests with respect to the issue thereof.

 

SECTION 10.  Obtaining Stock Exchange
Listings; State Registration.  The Company will from time to time take all
commercially reasonable actions which may be necessary so that the Warrant
Shares, immediately upon their issuance upon the exercise of Warrants, will be
listed on the principal securities exchanges and markets within the United
States of America, if any, on which other shares of Common Stock are then
listed.  To the extent that the Common
Stock is not listed on a national securities exchange or there is no exemption
from state “blue sky” securities laws for the issuance of the Warrant Shares,
the Company will take all commercially reasonable actions which may be
necessary so that the Warrant Shares are registered in all states in which the
holders of the Warrants reside.

 

SECTION 11.  Adjustment of Number of Warrant
Shares.

 

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

 

10

 

(a)                                  Adjustment for Change in Capital
Stock.

 

If the
Company:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(b)                                 Adjustment for Rights Issue.

 

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

 

 

where:

 

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

 

11

 

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

 

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

 

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

 

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

 

M =                          the Last
Reported Sale Price per share of Common Stock on the record date.

 

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

 

(c)                                  Adjustment for Other
Distributions.

 

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

 

 

where:

 

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

 

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

 

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

 

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

 

12

 

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

 

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

 

(d)                                 Adjustment for Common Stock
Issue.

 

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

 

 

where:

 

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

 

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

 

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

 

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

 

M =                          the Last
Reported Sale Price per share on the date of issuance of such additional
shares.

 

13

 

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

 

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

 

This
subsection (d) does not apply to:

 

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

 

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

 

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

 

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

 

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

 

(e)                                  Adjustment for Convertible
Securities Issue.

 

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

 

 

where:

 

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

 

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

 

14

 

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

 

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

 

M =                          the Last
Reported Sale Price per share on the date of issuance of such securities.

 

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

 

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

 

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

 

This
subsection (e) does not apply to:

 

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

 

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

 

(f)                                    Adjustment for Tender or
Exchange Offer.  If the Company or any of its subsidiaries
makes a payment in respect of a tender offer or exchange offer for the Common
Stock, if the cash and value of any other consideration included in the payment
per share of the Common Stock exceeds the Last Reported Sale Price of the
Common Stock on the trading day next succeeding the last date on which tenders
or exchanges may be made pursuant to such tender or exchange offer, the number
of shares of Common Stock issuable upon exercise of each Warrant will be
increased based on the following formula:

 

 

where,

 

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

 

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

 

15

 

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

 

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

 

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

 

SP' =                      the Last
Reported Sale Price of the Common Stock on the trading day next succeeding the
date such tender or exchange offer expires.

 

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

 

(g)                                 Consideration Received.

 

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

 

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

 

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

 

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

 

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

 

As
used in this section 11:

 

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

 

16

 

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

 

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

 

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

 

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

 

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

 

(i)                                     When No Adjustment Required.

 

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

 

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

 

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

 

17

 

(j)                                     Notice of Adjustment.

 

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

 

(k)                                  Notice of Certain Transactions.

 

If:

 

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

 

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

 

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

 

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

 

(l)                                     Reorganization of Company.

 

If the
Company consolidates or merges with or into, or transfers or leases all or
substantially all its assets to, any person, upon consummation of such
transaction the Warrants shall automatically become exercisable for the kind
and amount of securities, cash or other assets which the holder of a Warrant
would have owned immediately after the consolidation, merger, transfer or lease
if such holder had exercised the Warrant immediately before the effective date
of the transaction; provided that (i) if the holders of Common
Stock were entitled to exercise a right of election as to the kind or amount of
securities, cash or other assets receivable upon such consolidation or merger,
then the kind and amount of securities, cash or other assets for which each
Warrant shall become exercisable shall be deemed to be the weighted average of
the kind and amount received per share by the holders of Common Stock in such
consolidation or merger that affirmatively make such election or (ii) if a
tender or exchange offer shall have been made to and accepted by the holders of
Common Stock under circumstances in which, upon completion of such tender or
exchange offer, the maker thereof, together with members of any group (within
the meaning of Rule 13d-5(b)(1) under the Securities Exchange Act of
1934, as amended (the “Exchange Act”)) of which such maker is a part, and
together with any affiliate or associate of such maker (within the meaning of Rule 12b-2
under the Exchange Act) and any members of any such group of which any such
affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3
under the Exchange Act) more than 50% of the outstanding shares of Common
Stock, the holder of a Warrant shall be entitled to receive the highest amount
of cash, securities or other property to which such holder would actually have
been entitled as a shareholder if such Warrant holder had exercised the Warrant
prior to the expiration of such 

 

18

 

tender or exchange offer, accepted such offer and all
of the Common Stock held by such holder had been purchased pursuant to such
tender or exchange offer, subject to adjustments (from and after the
consummation of such tender or exchange offer) as nearly equivalent as possible
to the adjustments provided for in this Section 11.  Concurrently with the consummation of any
such transaction, the corporation or other entity formed by or surviving any
such consolidation or merger if other than the Company, or the person to which
such sale or conveyance shall have been made, shall enter into a supplemental
Warrant Agreement so providing and further providing for adjustments which
shall be as nearly equivalent as may be practical to the adjustments provided
for in this Section.  The successor
Company shall mail to Warrant holders a notice describing the supplemental Warrant
Agreement.

 

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

 

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

 

(m)                               Warrant Agent’s Disclaimer.

 

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

 

(n)                                 When Issuance May Be
Deferred.

 

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

 

(o)                                 Adjustment in Exercise Price.

 

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

 

19

 

 

where:

 

E' =             the
adjusted Exercise Price.

 

E =               the
Exercise Price prior to adjustment.

 

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

 

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

 

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

 

(p)                                 Form of Warrants.

 

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

 

The
provisions of this Section 11 shall not apply until issuance of the Public
Warrants.

 

SECTION 12.  Fractional Interests.  The Company shall not be required to issue
fractional Warrant Shares on the exercise of Warrants.  If more than one Warrant shall be presented
for exercise in full at the same time by the same holder, the number of full
Warrant Shares which shall be issuable upon the exercise thereof shall be
computed on the basis of the aggregate number of Warrant Shares purchasable on
exercise of the Warrants so presented. 
If any fraction of a Warrant Share would, except for the provisions of
this Section 12, be issuable on the exercise of any Warrants (or specified
portion thereof), the Company shall, upon such exercise, round up to the
nearest whole number of number of Warrant Shares to be issued to the Warrant
holder.

 

SECTION 13.  Notices to Warrant Holders.  Upon any adjustment of the Exercise Price
pursuant to Section 11, the Company shall promptly thereafter, and in any
event within five days, (i) cause to be filed with the Warrant Agent a
certificate executed by the Chief Financial Officer or principal financial
officer of the Company setting forth the number of Warrant Shares issuable upon
exercise of each Warrant after such adjustment and setting forth in reasonable
detail the method of calculation and the facts upon which such calculations are
based, and (ii) cause to be given to each of the registered holders of the
Warrant Certificates at his address appearing on the Warrant register written
notice of such adjustments by first-class mail, postage prepaid.  Where appropriate, such notice may be given
in advance and included as a part of the notice required to 

 

20

 

be mailed under the
other provisions of this Section 13. 
The Warrant Agent shall be fully protected in relying on any such
certificate and on any adjustment therein contained and shall not be deemed to
have knowledge of such adjustment unless and until it shall have received such
certificate.

 

In
case:

 

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

 

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

 

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

 

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

 

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

 

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

 

21

 

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

 

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

 

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

 

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

 

(a)                                  The statements contained herein
and in the Warrant Certificates shall be taken as statements of the Company and
the Warrant Agent assumes no responsibility for the correctness of any of the
same except such as describe the Warrant Agent or action taken or to be taken
by it.  The Warrant Agent assumes no
responsibility with respect to the distribution of the Warrant Certificates
except as herein otherwise provided.

 

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

 

(c)                                  The Warrant Agent may consult at
any time with counsel of its own selection (who may be counsel for the Company)
and the Warrant Agent shall incur no liability 

 

22

 

or responsibility to
the Company or to any holder of any Warrant Certificate in respect of any
action taken, suffered or omitted by it hereunder in good faith and in
accordance with the opinion or the advice of such counsel.  The Warrant Agent may execute any of the
trusts or powers hereunder or perform any duties hereunder either directly or
through agents or attorneys and the Warrant Agent shall not be responsible for
any misconduct or negligence on the part of any agent or attorney appointed
with due care by it hereunder.

 

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

 

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

 

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

 

(g)                                 The Warrant Agent, and any
stockholder, director, officer or employee of it, may buy, sell or deal in any
of the Warrants or other securities of the Company or become pecuniarily
interested in any transaction in which the Company may be interested, or
contract with or lend money to the Company or otherwise act as fully and freely
as though it were not 

 

23

 

Warrant Agent under
this Agreement, subject to compliance with applicable laws.  Nothing herein shall preclude the Warrant
Agent from acting in any other capacity for the Company or for any other legal
entity.

 

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

 

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

 

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

 

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

 

24

 

Warrant Agent shall
have received written instructions in response to such application specifying
the action to be taken or omitted.

 

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

 

(m)                               In addition to the foregoing,
the Warrant Agent shall be protected and shall incur no liability for, or in
respect of, any action taken or omitted by it in connection with its
administration of this Agreement if such acts or omissions are not the result
of the Warrant Agent’s reckless disregard of its duty, gross negligence or
willful misconduct and are in reliance upon (i) the proper execution of
the certification concerning beneficial ownership appended to the form of
assignment and the form of the election attached hereto unless the Warrant
Agent shall have actual knowledge that, as executed, such certification is
untrue, or (ii) the non-execution of such certification including, without
limitation, any refusal to honor any otherwise permissible assignment or
election by reason of such non-execution.

 

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

 

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

 

25

 

Leopard
Acquisition Corp.

2500 N. Moose-Wilson Road

Wilson, WY 83014

Fax No.: (307) 734-2719

Attention: Chief Financial Officer

 

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

 

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

 

Continental Stock
Transfer & Trust Company 

17 Battery Place, 8th Floor

New York, NY 10004

Fax No.: (212) 616-7615

Attention: Alexandra M. Albrecht

 

SECTION 18.  Supplements and Amendments.  The Company and the Warrant Agent may from
time to time supplement or amend this Agreement without the approval of any
holders of Warrant Certificates in order to cure any ambiguity or to correct or
supplement any provision contained herein which may be defective or
inconsistent with any other provision herein, or to make any other provisions
in regard to matters or questions arising hereunder which the Company and the
Warrant Agent may deem necessary or desirable and which shall not in any way
adversely affect the interests of the holders of Warrant Certificates
theretofore issued.  Upon the delivery of
a certificate from an appropriate officer of the Company that states that the
proposed supplement or amendment is in compliance with the terms of this Section 18,
the Warrant Agent shall execute such supplement or amendment.  Notwithstanding anything in this Agreement to
the contrary, the prior written consent of the Warrant Agent must be obtained
in connection with any supplement or amendment that alters the rights or duties
of the Warrant Agent.  The Company and
the Warrant Agent may amend any provision herein with the consent of the
holders of Warrants exercisable for a majority of the Warrant Shares issuable
on exercise of all outstanding Warrants that would be affected by such
amendment; provided that any amendment affecting the Public Warrants
must be approved by the holders of a majority of the Public Warrants.  Without limiting the generality of the
foregoing, prior to the issuance of any Public Warrants, this Agreement
(including Exhibit A hereto) may be amended by the Company and the
Warrant Agent, without the consent of any holder of Private Warrants, to modify
in any way or provide for the terms of the Public Warrants.

 

SECTION 19.  Successors.  All the covenants and provisions of this
Agreement by or for the benefit of the Company or the Warrant Agent shall bind
and inure to the benefit of their respective successors and assigns hereunder.

 

26

 

SECTION 20.  Termination.  This Agreement will terminate on the date
that is five years from the date of the final prospectus for the Initial Public
Offering, or on any earlier date if all Warrants have been exercised or expired
without exercise.  The provisions of Section 15
hereof shall survive such termination.

 

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

 

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

 

SECTION 23.  Counterparts.  This Agreement may be executed in any number
of counterparts and each of such counterparts shall for all purposes be deemed
to be an original, and all such counterparts shall together constitute but one
and the same instrument.

 

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

 

[Remainder of Page Intentionally
Left Blank]

 

27

 

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

 

	
   

  	
  LEOPARD ACQUISITION
  CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mohammed M. Ansari

  
	
   

  	
   

  	
  Name:

  	
  Mohammed M. Ansari

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CONTINENTAL STOCK
  TRANSFER &

  TRUST COMPANY, as Warrant Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gregory P. Denman

  
	
   

  	
   

  	
  Name:

  	
  Gregory P. Denman

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

 

EXHIBIT A

 

[Form of Warrant Certificate]

 

[Face]

 

Warrant Certificate

 

LEOPARD ACQUISITION CORP.

 

This
Warrant Certificate certifies that                                                 ,
or registered assigns, is the registered holder of                     
warrants (the “Warrants”) to purchase shares of Common Stock, $0.001 par
value (the “Common Stock”), of Leopard Acquisition Corp., a Delaware
corporation (the “Company”).  Each
Warrant entitles the holder, upon exercise during the period set forth in the
Warrant Agreement referred to below, to receive from the Company that number of
fully paid and nonassessable shares of Common Stock (each, a “Warrant Share”)
as set forth below at the exercise price (the “Exercise Price”) as
determined pursuant to the Warrant Agreement payable in lawful money of the
United States of America upon surrender of this Warrant Certificate and payment
of the Exercise Price (or on a cashless basis, if applicable, pursuant to the
terms of the Warrant Agreement) at the office or agency of the Warrant Agent,
but only subject to the conditions set forth herein and in the Warrant
Agreement.

 

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

 

The
initial Exercise Price per share of Common Stock for any Warrant is equal to
$7.50 per share.  The Exercise Price is
subject to adjustment upon the occurrence of certain events set forth in the
Warrant Agreement.

 

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

 

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

 

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

 

A-1

 

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

 

	
   

  	
  LEOPARD ACQUISITION
  CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Mohammed M. Ansari

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  
	
  Countersigned:

  Dated:                  , 20

  	
   

  
	
  CONTINENTAL STOCK
  TRANSFER &

  TRUST COMPANY, as Warrant Agent

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  	
   

  

 

A-2

 

[Form of Warrant Certificate]

 

[Reverse]

 

The
Warrants evidenced by this Warrant Certificate are part of a duly authorized
issue of Warrants entitling the holder on exercise to receive shares of Common
Stock, par value $0.001 per share, of the Company (the “Common Stock”), and are
issued or to be issued pursuant to a Warrant Agreement dated as of [                    ],
2008 (the “Warrant Agreement”), duly executed and delivered by the
Company to Continental Stock Transfer & Trust Company, a New York corporation,
as warrant agent (the “Warrant Agent”), which Warrant Agreement is
hereby incorporated by reference in and made a part of this instrument and is
hereby referred to for a description of the rights, limitation of rights,
obligations, duties and immunities thereunder of the Warrant Agent, the Company
and the holders (the words “holders” or “holder” meaning the registered holders
or registered holder) of the Warrants.  A
copy of the Warrant Agreement may be obtained by the holder hereof upon written
request to the Company.  Defined terms
used in this Warrant Certificate but not defined herein shall have the meanings
given to them in the Warrant Agreement.

 

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

 

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

 

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

 

Warrant
Certificates, when surrendered at the principal corporate trust office of the
Warrant Agent by the registered holder thereof in person or by legal
representative or attorney 

 

A-3

 

duly authorized in writing, may be exchanged, in the
manner and subject to the limitations provided in the Warrant Agreement, but
without payment of any service charge, for another Warrant Certificate or
Warrant Certificates of like tenor evidencing in the aggregate a like number of
Warrants.

 

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

 

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

 

A-4

 

Election
to Purchase

 

(To Be
Executed Upon Exercise Of Warrant)

 

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

 

	
   

  	
  Signature:

  
	
  Date:                        , 20

  	
   

  
	
   

  	
  Signature Guaranteed:

  

 

A-5

 

EXHIBIT B

 

LEGEND FOR PRIVATE WARRANTS

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE (INCLUDING THE SHARES OF COMMON
STOCK OF THE COMPANY ISSUABLE UPON EXERCISE OF SUCH SECURITIES) HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR ANY STATE SECURITIES
LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF
UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY
APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS
AVAILABLE.  IN ADDITION, THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN TRANSFER RESTRICTIONS
SET FORTH IN THE WARRANT AGREEMENT REFERRED TO HEREIN [AND ARE SUBJECT TO
FORFEITURE IN CERTAIN CIRCUMSTANCES].(1)

 

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

 

	
  No.           

  	
                
  Warrants

  

 

(1) Only applies to
certain Founders’ Warrants.

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