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Exhibit 10.19    
    

EMPLOYMENT AGREEMENT  

        This Employment Agreement is made as of the 30th day of September, 2003 by and between Edward M. Krell (the "Employee"), and Mothers Work, Inc. (the
"Company"). 

        Whereas,
Employee and Company previously entered into an employment agreement (the "Original Employment Agreement") providing for certain terms and conditions, and 

        Whereas,
on the terms and conditions as outlined in this Employment Agreement, the parties desire to replace the Original Employment Agreement with this Agreement. 

        Therefore,
in consideration of the mutual premises and promises contained in the Agreement, the parties agree as follows: 

	1.
	EMPLOYMENT, TERM AND DUTIES.    The Company hereby employs Employee and Employee hereby accepts employment with the Company,
as Executive Vice President—Chief Financial Officer (the "Position") for a period of two years commencing on September 30, 2003, subject to paragraph 2 hereof (the "Term").
Upon the first anniversary hereof and each subsequent anniversary, the Term shall automatically be extended for one additional year, unless the Company or the Employee gives written notice prior to
such anniversary date of the Company's or Employee's desire not to extend the Term. The Employee shall render such services and perform such duties for the Company as may be reasonably assigned from
time to time by the Company consistent with the Company's Bylaws and with the level of responsibility appropriate to the Position.

	2.
	TERMINATION.    Except as otherwise provided for herein, the Employee's employment is at will and may be terminated at any
time by the Employee or by the Company, with or without cause. For the purposes hereof, the term "cause" shall include fraud, theft, misconduct, negligence, or Employee's unwillingness or refusal to
perform his job, but shall not include the inability of Employee to perform his duties and responsibilities hereunder by reason of illness, injury or incapacity. Except in the event of termination of
Employee by Company for cause, either party shall provide the other with two weeks' advance notice (or for Employee, such longer period as provided for in the Team Member Handbook) prior to
termination of employment. Company may elect to pay Employee two weeks' pay in lieu of such notice period. 

        Except
in the event of a termination for cause by Company or a resignation by Employee, and except for a termination of employment by Employee or Company in connection with a Change of
Control (as defined herein), in the event that Employee's employment is terminated with the Company, (i) the Company will make the lump sum payment to Employee (less applicable deductions and
withholdings), within fifteen (15) days after the effective date of the event giving rise to such payment, of the gross amount equal to one year of Employee's then salary, and (ii) all
outstanding options that Employee has shall become immediately vested and exercisable. In consideration of and as a condition to receiving the lump sum payment and option vesting, Employee will be
required to sign the Company's then standard release agreement. 

	3.
	CHANGE OF CONTROL.    A. If (i) there is a Change of Control during Employee's employment hereunder then this
paragraph 3 shall apply, or (ii) if substantial preparations and negotiations for a Change of Control took place during the six months prior to the termination of Employee's employment
hereunder, and such Change of Control occurs after termination of Employee's employment hereunder by Company, then in the case of this clause (ii), Employee may elect upon written notice at any
time after such event to treat the termination of Employee's employment hereunder by Company as having fallen under this paragraph 3 as part of a Change of Control. 

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B.
For purposes of this Agreement, a Change of Control shall have occurred if any of the following events shall occur: 

	(i)
	the
sale, transfer, assignment or other disposition (including by merger or consolidation) by stockholders of the Company, in one transaction or a series of related
transactions, of more than thirty-five percent (35%) of the voting power represented by the then outstanding stock of the Company to one or more Persons, other than any such sales,
transfers, assignments or other dispositions by such stockholders to their respective Affiliates. For the purposes of this Agreement, (1) "Affiliate" means, with respect to any stockholder of
the Company, (x) any Person directly or indirectly controlling, controlled by or under common control with such stockholder, or (y) any officer, director, or general partner of such
stockholder; and (2) "Person" means an individual, partnership, corporation, joint venture, association, trust, unincorporated association, other entity, association or group of associated
persons acting in concert (except that such term shall not include employees of the Company and current signatories to that certain voting agreement dated March 12, 1993);

	(ii)
	the
Company sells all or substantially all of its assets to any other Person in any sale or series of related sales (other than a transaction to which only the Company
and one or more of its subsidiaries are parties); or

	(iii)
	any
Person becomes a direct or indirect beneficial owner of shares of stock of the Company representing the aggregate of 35% or more of the votes then entitled to be
cast at an election of directors of the Company (unless a voting agreement remains in effect in respect of a greater then 51% of such shares). 

C.
Within two years from the date of a Change of Control, (i) in the event of a termination of Employee's employment hereunder by Employee pursuant to this paragraph 3 (other than per
paragraph 3(A)(ii)), or (ii) the termination of Employee's employment hereunder by Company, Employee shall be entitled to receive all accrued but unpaid (as of the effective date of such
termination) salary, and benefits, along with the lump sum payment to Employee (less applicable deductions and withholdings) within fifteen (15) days after the effective date of the event
giving rise to such payment, of the gross amount equal to (a) two years of Employee's then salary or the highest salary paid to Employee at any time by the Company, plus (b) two years of
Employee's target bonus, which target shall be at the greater of (x) 50% of annual salary per clause (a) above, or (y) the target bonus percentage then in effect, plus
(c) two years of other Company provided benefits, including health insurance and car allowance. Instead of paying Employee for such other benefits, the Company may instead continue to provide
such benefits. Provided however, that if this Agreement is assumed by any successor to all or substantially all of the Company's assets and business, such payments shall be the joint and several
obligation of the Company and such purchaser. All outstanding options shall become immediately vested and exercisable. Except as specifically set forth in this paragraph 3, all salary, benefits
and other amounts payable by the Company to Employee shall cease at the time of such termination, subject to the terms of any benefit or compensation plans then in force and applicable to Employee. 

        In
the event of a termination of employment falling under this paragraph 3, the Company shall also pay for full outplacement services for Employee, such payment to be made to an
agency selected by Employee, based upon the customary fees charged by nationally rated firms engaged in such services. 

	4.
	EXTENT OF SERVICES:    The Employee shall devote Employee's entire working time, attention and energies during the Company's
normal business hours to the business of the Company and shall not, during the term of this Agreement, be engaged in any other business activity which interferes with the Employee's duties hereunder
or which violates this Agreement, whether or not 

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such
activity is pursued for gain, profit or other pecuniary advantage unless Employee receives prior written approval from the Chairman/CEO. 

	5.
	COMPENSATION AND BENEFITS:    The Company shall pay to the Employee and the Employee agrees to accept from the Company, in
full payment for the Employee's services hereunder, the annual salary of $360,000 or as otherwise agreed to by the parties. The Employee shall receive such benefits as are customarily provided by the
Company to employees as described in the Company's Team Member Handbook and in the Company's benefit summary plan descriptions and plan documents, which are subject to change from time to time, within
the sole discretion of the Company and in accordance with applicable law. If the Employee gives notice of termination that is, from the last day of employment, less than the period provided for in the
Company's Team Member Handbook or as otherwise indicated by Company, the Employee shall forfeit any Company benefits or other monies due (vacation, etc.).

	6.
	CONFIDENTIAL INFORMATION:    Confidential Information means information which the Company regards as confidential or
proprietary and which the Employee learns or develops during or related to their employment, including, but not limited to, information relating to:

	a.
	the
Company's products, suppliers, pricing, costs, sourcing, design, fabric and distribution processes;

	b.
	the
Company's marketing plans and projections;

	c.
	lists
of names and addresses of the Company's employees, agents, factories and suppliers;

	d.
	the
methods of importing and exporting used by the Company;

	e.
	manuals
and procedures created and/or used by the Company;

	f.
	trade
secrets or other information that is used in the Company's business, and which give the Company an opportunity to obtain an advantage over competitors who do not know such trade
secrets or how to use the same; and

	g.
	software
in various stages of development (source code, object code, documentation, flow charts), specifications, models, data and customer information. 

Employee assigns to Company any rights Employee may have in any Confidential Information. Employee shall not disclose any Confidential Information to any third-party or use any
Confidential Information for any purposes other than as authorized by the Company.

	7.
	SURRENDER OF MATERIALS:    The Employee hereby agrees to deliver to the Company promptly upon request or on the date of
termination of the Employee's employment, all documents, copies thereof and other materials in the Employee's possession pertaining to the business of the Company and its customers, including, but not
limited to, Confidential Information (and each and every copy, disk, abstract, summary or reproduction of the same made by or for the Employee or acquired by the Employee), and thereafter to promptly
return documents and copies thereof and other material in the Employee's possession. The Employee will be responsible for the value of all Company or customer property that is not timely returned.
Employee authorizes the Company to deduct the fair market value of such property from any monies owed to Employee.

	8.
	DISCLOSURE OF INFORMATION AND SOLICITATION OF EMPLOYEES; NON-COMPETE; CONFIDENTIAL INFORMATION OF THIRD
PARTIES:    The Employee acknowledges that the Company has developed and maintains at great expense, a valuable supplier network, supplier contacts, many of which are
of longstanding, product designs, and other information of the type described in paragraph 6 of this Agreement, and that in order to pursue Employee's employment gainfully under the Agreement,
Employee will be given Confidential Information concerning such 

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suppliers
and products, including information concerning such suppliers' purchasing personnel, policies, requirements, and preferences, and such product's design, manufacture and marketing. 

	a.
	Accordingly,
the Employee agrees that during the period of Employee's employment and for twenty-four (24) months after termination of employment with the Company by
Employee or by Company, for any reason, with or without cause, the Employee will not directly or indirectly:

	(i)
	on
Employee's behalf or on behalf of any other person or entity, perform any act with respect to the design, manufacture, sale, attempted sale or promotion of the sale
of any Conflicting Product.

	(ii)
	own,
manage, operate, finance, join, control, or participate in the ownership, management, operation, financing or control of, or be connected as an officer, director,
employee, partner, principal, agent, representative, consultant or otherwise with, or use or permit Employee's name to be used in connection with any: (a) entity offering for sale or
contemplating offering for sale any Conflicting Product, or (b) any entity which during the twenty-four (24) month period prior to such termination was contacted by or the
responsibility of the Employee or any person under the Employee's supervision or direction; this includes applicable agents and suppliers, or (c) Competing Business, or (d) any entity
which would require by necessity use of Confidential Information. 

The
term "Conflicting Product" shall mean any product, process or service which is the same as, similar to, or in any manner competitive with any Company product (which includes third-party products
that are distributed by Company), process, or service. Conflicting Product includes, but is not limited to maternity and nursing apparel and related accessories. 

The
term "Competing Business" shall mean any business or enterprise engaged in the in the design, manufacture or sale of any maternity or nursing apparel or related accessories, or in any other
business
engaged in by the Company at the time of Employee's termination of employment from the Company within: (x) a state or commonwealth of the United States or the District of Columbia, or
(y) any foreign country, in which the Company has engaged in any such business within the prior year or has undertaken preparations to engage. 

b.
During the period of Employee's employment by the Company and for twenty-four (24) months thereafter, the Employee will not induce, attempt to induce or in any way assist any
other person in inducing or attempting to induce any employee or agent of the Company to terminate their relationship with the Company. Further, during such period Employee will not directly or
indirectly, on Employee's own behalf or on behalf of any other person or entity, employ or solicit for employment any current or former Company employee or agent. 

c.
If there is a breach or threatened breach of any of the foregoing provisions of this section, or any other obligation contained in this Agreement, the Company shall be entitled to an injunction
restraining the Employee from any such breach without the necessity of proving actual damages, and the Employee waives the requirement of posting a bond. Nothing herein, however, shall be construed as
prohibiting the Company from pursuing other remedies for such breach or threatened breach. 

d. Employee agrees not to disclose to Company or use for its benefit any confidential information that Employee may possess from any prior employers or other
sources.

	9.
	OTHER CONDITIONS OF EMPLOYMENT:    The Employee shall be subject to other terms and conditions of employment as set forth in
the prevailing Company: a) Team Member Handbook, 

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b) commission,
bonus or stock option programs and c) any other Company policies or benefits, all of which shall be subject to interpretation and change from time to time at the sole
discretion of the Company. 

	10.
	GOVERNING LAW AND RELATED MATTERS:    This Agreement shall be governed by and construed and enforced in accordance with the
laws of the Commonwealth of Pennsylvania. Employee agrees that in the event of any violation of this Agreement, or any other matter arising out of or relating to this Agreement, an action may be
removed to or commenced by Employer in any federal or state court of competent jurisdiction in the Commonwealth of Pennsylvania. Employee hereby waives, to the fullest extent permitted by law, any
objection that Employee may now or hereafter have to such jurisdiction or to the laying of the venue of any such suit, action or proceeding brought in such a court and any claim that such suit, action
or proceeding has been brought in an inconvenient forum. Employee agrees that effective service of process may be made upon Employee by mail to any address Employee has provided to Company. In the
event either party files suit against the other for any reason, or in the event either party is otherwise involved in litigation concerning this Agreement or the employment relationship between the
parties, and a court of competent jurisdiction finds in favor of a party on any such matter, the losing party shall reimburse the prevailing party its reasonable costs and attorney's fees incurred in
connection with such suit. 

The
various parts of this Agreement are intended to be severable. Should any part be rendered or declared invalid be reason of any legislation or by a decree of a court of competent jurisdiction, such
part shall be deemed modified to the extent required by such legislation or decree and the invalidation or modification of such part shall not invalidate or modify the remaining parts hereof. Without
limiting the generality of the foregoing, if the scope of any covenant contained in this Agreement is too broad to permit enforcement to its full extent, such covenant shall be enforced to the maximum
extent permitted by law. The Employee agrees that such scope may be judicially modified accordingly. 

	11.
	SUCCESSORS AND ASSIGNMENT:    The Company may assign its interest in connection with this Agreement to any affiliate or in
connection with the sale of its business, provided that such successor assumes in writing all of the obligations of the Company under this Agreement, and further subject, however, to Employee's rights
to termination as provided in paragraph 3 hereof.

	12.
	ENTIRE AGREEMENT:    This Agreement represents the full and complete understanding between the Company and the Employee with
respect to the subject matter hereof and supersedes all prior representations and understandings, whether oral or written and, except as provided for herein, shall not be modified except upon written
amendment executed by Employee and an officer of Company holding the position of Vice President or above.

	13.
	ACKNOWLEDGMENT:    Employee acknowledges that Employee was provided with an unsigned copy of this Agreement in advance of
accepting employment or in advance of continuing employment and/or receiving an offer of additional consideration, such as stock options or a bonus payment, and was accorded ample opportunity to read,
ask questions, seek clarification, and seek whatever counsel relative to the Agreement Employee desired. Employee further acknowledges receipt of a signed copy of this Agreement and that Employee has
read and understands all of its terms and conditions. 

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        IN
WITNESS WHEREOF, the parties have executed this instrument the day and year above and below written. 

	Mothers Work, Inc.	 	Edward M. Krell
	

By:	
 	

/s/  DAN W. MATTHIAS      
	
 	

By:	
 	

/s/  EDWARD M. KRELL      

	

Title:	
 	

CEO/Chairman
	
 	

Title:	
 	

EVP-CFO

	Date:	 	12/17/03
	 	Date:	 	12/17/03

	 	 	 	 	Executed At: Philadelphia, PA

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Exhibit 10.19QuickLinks
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Exhibit 4.4    
    

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

        THIS PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF THE CONSUMMATION BY CEA ACQUISITION CORPORATION ("COMPANY") OF A MERGER, CAPITAL STOCK EXCHANGE,
ASSET ACQUISITION OR OTHER SIMILAR BUSINESS COMBINATION ("BUSINESS COMBINATION") (AS DESCRIBED MORE FULLY IN THE COMPANY'S REGISTRATION STATEMENT (DEFINED HEREIN))
OR                        , 2004. VOID AFTER
5:00 P.M. EASTERN TIME,                        , 2008.

 
 

UNIT PURCHASE OPTION    
    
    For the Purchase of    
    300,000 Units    
    of    
    CEA ACQUISITION CORPORATION    
    

1.    Purchase Option.    

        THIS CERTIFIES THAT, in consideration of $            per option duly paid by or on behalf
of                        ("Holder"), as registered owner of this Purchase Option, to CEA
Acquisition Corporation ("Company"), Holder is entitled, at any time or from time to time upon the later of the consummation of a Business Combination
or                        , 2004 ("Commencement Date"),
and at or before 5:00 p.m., Eastern Time,                        , 2008 ("Expiration Date"), but not thereafter, to subscribe
for, purchase and receive, in whole or in part, up to Three Hundred
Thousand (300,000) units ("Units") of the Company, each Unit consisting of one share of common stock of the Company, par value $.0001 per share ("Common Stock"), and two warrants ("Warrant(s)")
expiring four years from the effective date ("Effective Date") of the registration statement ("Registration Statement") pursuant to which Units are offered for sale to the public ("Offering"). Each
Warrant is the same as the warrants included in the Units being registered for sale to the public by way of the Registration Statement ("Public Warrants") except that the Warrants have an exercise
price of $6.00. If the Expiration Date is a day on which banking institutions are authorized by law to close, then this Purchase Option may be exercised on the next succeeding day which is not such a
day in accordance with the terms herein. During the period ending on the Expiration Date, the Company agrees not to take any action that would terminate the Purchase Option. This Purchase Option is
initially exercisable at $9.90 per Unit so purchased; provided, however, that upon the occurrence of any of the events specified in Section 6 hereof, the rights granted by this Purchase Option,
including the exercise price per Unit and the number of Units (and shares of Common Stock and Warrants) to be received upon such exercise, shall be adjusted as therein specified. The term "Exercise
Price" shall mean the initial exercise price or the adjusted exercise price, depending on the context.

 

2.    Exercise.    

        2.1    Exercise Form.    In order to exercise this Purchase Option, the exercise form attached hereto must be duly
executed and completed and delivered to the Company, together with this Purchase 

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Option
and payment of the Exercise Price for the Units being purchased payable in cash or by certified check or official bank check. If the subscription rights represented hereby shall not be
exercised at or before 5:00 p.m., Eastern time, on the Expiration Date this Purchase Option shall become and be void without further force or effect, and all rights represented hereby shall
cease and expire. 

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

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

        2.3    Cashless Exercise.    

        2.3.1    Determination of Amount.    In lieu of the payment of the Exercise Price multiplied by the number of Units
for which this Purchase Option is exercisable (and in lieu of being entitled to receive Common Stock and Warrants) in the manner required by Section 2.1, the Holder shall have the right (but
not the obligation) to convert any exercisable but unexercised portion of this Purchase Option into Units ("Conversion Right") as follows: upon exercise of the Conversion Right, the Company shall
deliver to the Holder (without payment by the Holder of any of the Exercise Price in cash) that number of shares of Common Stock and Warrants comprising that number of Units equal to the quotient
obtained by dividing (x) the "Value" (as defined below) of the portion of the Purchase Option being converted by (y) the Current Market Value (as defined below). The "Value" of the
portion of the Purchase Option being converted shall equal the remainder derived from subtracting (a) (i) the Exercise Price multiplied by (ii) the number of Units underlying the portion
of this Purchase Option being converted from (b) the Current Market Value of a Unit multiplied by the number of Units underlying the portion of the Purchase Option being converted. As used
herein, the term "Current Market Value" per Unit at any date means the remainder derived from subtracting (x) the exercise price of the Warrants multiplied by the number of shares of Common
Stock issuable upon exercise of the Warrants underlying one Unit from (y) the Current Market Price of the Common Stock multiplied by the number of shares of Common Stock underlying the Warrants
and the Common Stock issuable upon exercise of one Unit. The "Current Market Price" of a share of Common Stock shall mean (i) if the Common Stock is listed on a national securities exchange or
quoted on the Nasdaq National Market, Nasdaq SmallCap Market or NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange), the last sale price of the Common Stock in the principal
trading market for the Common Stock as reported by the exchange, Nasdaq or the NASD, as the case may be; (ii) if the Common Stock is not listed on a national securities exchange or quoted on
the Nasdaq National Market, Nasdaq SmallCap Market or the NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange), but is traded in the residual
over-the-counter market, the closing bid price for the Common Stock on the last trading day preceding the date in question for which such quotations are reported by the Pink
Sheets, LLC or similar publisher of such quotations; and (iii) if the fair market value of the Common Stock cannot be determined pursuant to clause (i) or (ii) above, such price
as the Board of Directors of the Company shall determine, in good faith. 

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

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Exercise
Right and specifying the total number of Units the Holder will purchase pursuant to such Cashless Exercise Right. 

3.    Transfer.    

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

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

4.    New Purchase Options to be Issued.    

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

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

5.    Registration Rights.    

        5.1    Demand Registration.    

        5.1.1    Grant of Right.    The Company, upon written demand ("Initial Demand Notice") of the Holder(s) of at least
51% of the Purchase Options and/or the underlying Units and/or the underlying securities ("Majority Holders"), agrees to register on one occasion, all or any portion of the Purchase Options requested
by the Majority Holders in the Initial Demand Notice and all of the securities underlying such Purchase Options, including the Common Stock, the Warrants and 

3

 

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

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

        5.2    "Piggy-Back" Registration.    

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

        5.2.2    Terms.    The Company shall bear all fees and expenses attendant to registering the Registrable Securities,
including the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities but the Holders shall pay any and all underwriting
commissions related to the Registrable Securities. In the event of such a proposed registration, the Company shall furnish the then Holders of outstanding Registrable Securities with not less than
fifteen days written notice prior to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for each applicable registration statement filed
(during the period in which the Purchase Option is exercisable) by the Company until such time as all of the Registrable Securities have been registered and sold. The 

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holders
of the Registrable Securities shall exercise the "piggy-back" rights provided for herein by giving written notice, within ten days of the receipt of the Company's notice of its
intention to file a registration statement. The Company shall cause any registration statement filed pursuant to the above "piggyback" rights to remain effective for at least nine months from
the date that the Holders of the Registrable Securities are first given the opportunity to sell all of such securities. 

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

        5.4    General Terms.    

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

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

        5.4.3    Exclusivity.    The Company shall not permit the inclusion of any securities other than the Registrable
Securities to be included in any registration statement filed pursuant to Section 5.1 hereof without the prior written consent of the Majority Holders of the Registrable Securities. 

        5.4.4    Documents Delivered to Holders.    The Company shall furnish EBC, as representative of the Holders
participating in any of the foregoing offerings, a signed counterpart, addressed to the participating Holders, of (i) an opinion of counsel to the Company, dated the effective date of such
registration statement (and, if such registration includes an underwritten public offering, an opinion dated the date of the closing under any underwriting agreement related thereto), and
(ii) a "cold comfort" letter dated the effective date of such registration statement (and, if such 

5

 

registration
includes an underwritten public offering, a letter dated the date of the closing under the underwriting agreement) signed by the independent public accountants who have issued a report on
the Company's financial statements included in such registration statement, in each case covering substantially the same matters with respect to such registration statement (and the prospectus
included therein) and, in the case of such accountants' letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer's counsel
and in accountants' letters delivered to underwriters in underwritten public offerings of securities. The Company shall also deliver promptly to EBC, as representative of the Holders participating in
the offering, the correspondence and memoranda described below and copies of all correspondence between the Commission and the Company, its counsel or auditors and all memoranda relating to
discussions with the Commission or its staff with respect to the registration statement and permit EBC, as representative of the Holders, to do such investigation, upon reasonable advance notice, with
respect to information contained in or omitted from the registration statement as it deems reasonably necessary to comply with applicable securities laws or rules of the National Association of
Securities Dealers, Inc. ("NASD"). Such investigation shall include access to books, records and properties and opportunities to discuss the business of the Company with its officers and
independent auditors, all to such reasonable extent and at such reasonable times and as often as EBC, as representative of the Holders, shall reasonably request. The Company shall not be required to
disclose any confidential information or other records to EBC, as representative of the Holders, or to any other person, until and unless such persons shall have entered into reasonable
confidentiality agreements (in form and substance reasonably satisfactory to the Company), with the Company with respect thereto. 

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

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

6

 

volume
limitations under paragraph (e) of Rule 144 (calculated as if such Holder were an affiliate within the meaning of Rule 144). 

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

6.    Adjustments.    

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

        6.1.1    Stock Dividends—Split-Ups.    If after the date hereof, and subject to the provisions
of Section 6.4 below, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock or by a split-up of shares of Common Stock
or other similar event, then, on the effective day thereof, the number of shares of Common Stock underlying each of the Units purchasable hereunder shall be increased in proportion to such increase in
outstanding shares. In such case, the number of shares of Common Stock, and the exercise price applicable thereto, underlying the Warrants underlying each of the Units purchasable hereunder shall be
adjusted in accordance with the terms of the Warrants. For example, if the Company declares a two-for-one stock dividend and at the time of such
dividend this Purchase Option is for the purchase of one Unit at $6.60 per whole Unit (each Warrant underlying the Units is exercisable for $5.00 per share), upon effectiveness of the dividend, this
Purchase Option will be adjusted to allow for the purchase of one Unit at $6.60 per Unit, each Unit entitling the holder to receive two shares of Common Stock and four Warrants (each Warrant
exercisable for $2.50 per share). 

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

        6.1.3    Replacement of Securities upon Reorganization, etc.    In case of any reclassification or reorganization of
the outstanding shares of Common Stock other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such shares of Common Stock, or in the case of any
merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any
reclassification or reorganization of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity of the property of the Company as an entirety
or substantially as an entirety in connection with which the Company is dissolved, the Holder of this Purchase Option shall have the right thereafter (until the expiration 

7

 

of
the right of exercise of this Purchase Option) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of
shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or
transfer, by a Holder of the number of shares of Common Stock of the Company obtainable upon exercise of this Purchase Option and the underlying Warrants immediately prior to such event; and if any
reclassification also results in a change in shares of Common Stock covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 and this
Section 6.1.3. The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. 

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

        6.2    [Intentionally Omitted]    

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

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

7.    Reservation and Listing.    The Company shall at all times reserve and keep available out of its authorized shares of Common
Stock, solely for the purpose of issuance upon exercise of the Purchase Options or the Warrants underlying the Purchase Option, such number of shares of Common Stock or other securities, properties or
rights as shall be issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of the Purchase Options and payment of the Exercise Price therefor, all shares of Common
Stock and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any stockholder. The Company
further covenants and agrees that upon exercise of the Warrants underlying the Purchase Options and payment of the respective Warrant exercise price therefor, all shares of Common Stock and other
securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any stockholder. As long as the Purchase
Options shall be outstanding, the Company shall use its best efforts to cause all (i) shares of Common Stock issuable upon exercise of the Purchase Options, (ii) Warrants issuable upon
exercise of the 

8

 

Purchase
Options and (iii) shares of Common Stock issuable upon exercise of the Warrants included in the Units issuable upon exercise of the Purchase Option to be listed (subject to official
notice of issuance) on all securities exchanges (or, if applicable on the Nasdaq National Market, SmallCap Market, OTC Bulletin Board or any successor trading market) on which the Common Stock or the
Public Warrants issued to the public in connection herewith may then be listed and/or quoted. 

8.    Certain Notice Requirements.    

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

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

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

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

CEA
Acquisition Corporation

101 East Kennedy Boulevard

Suite 3300

Tampa, Florida 33602

Attn: J. Patrick Michaels, Jr., Chairman 

9.    Miscellaneous.    

        9.1    Amendments.    The Company and EBC may from time to time supplement or amend this Purchase Option without the
approval of any of the Holders in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with any other provisions herein, or to
make any other provisions in regard to matters or questions arising hereunder 

9

 

that
the Company and EBC may deem necessary or desirable and that the Company and EBC deem shall not adversely affect the interest of the Holders. All other modifications or amendments shall require
the written consent of and be signed by the party against whom enforcement of the modification or amendment is sought. 

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

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

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

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

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

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

        10.5    Exchange Agreement.    As a condition of the Holder's receipt and acceptance of this Purchase Option, Holder
agrees that, at any time prior to the complete exercise of this Purchase 

10

 

Option
by Holder, if the Company and EBC enter into an agreement ("Exchange Agreement") pursuant to which they agree that all outstanding Purchase Options will be exchanged for securities or cash or a
combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement. 

        10.6    Underlying Warrants.    At any time after exercise by the Holder of this Purchase Option, the Holder may
exchange his Warrants (with a $6.00 exercise price) for Public Warrants (with a $5.00 exercise price) upon payment to the Company of $1.00 per Warrant. 

11

 

        IN
WITNESS WHEREOF, the Company has caused this Purchase Option to be signed by its duly authorized officer as of the            day
of                        , 2003.
 

	 	CEA ACQUISITION CORPORATION
	

 	

By:	

 	

 
	 	 	

	 	 	Name:	J. Patrick Michaels, Jr.
	 	 	Title:	Chairman of the Board

12

 

Form
to be used to exercise Purchase Option: 

CEA
Acquisition Corporation

101 East Kennedy Boulevard

Suite 3300

Tampa, Florida 33602 

Date:                        ,
200  

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

or

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

	 	 	
 Signature
	

    	
 	

 
	

 	
 	

 Signature Guaranteed

INSTRUCTIONS FOR REGISTRATION OF SECURITIES  

	Name	 	 
	 	 	
 (Print in Block Letters)
	

Address	
 	

 
	 	 	

        NOTICE: The signature to this form must correspond with the name as written upon the face of the within Purchase Option in every particular without alteration or
enlargement or any change
whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national securities exchange.

13

 

Form
to be used to assign Purchase Option: 

ASSIGNMENT  

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

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

Dated:                        ,
200  

	 	 	
 Signature
	

    	
 	

 
	

 	
 	

 Signature Guaranteed

        NOTICE: The signature to this form must correspond with the name as written upon the face of the within Purchase Option in every particular without alteration or
enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national securities
exchange.

14

QuickLinks

Exhibit 4.4

UNIT PURCHASE OPTION For the Purchase of 300,000 Units of CEA ACQUISITION CORPORATION

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