Document:

Unassociated Document

     

    
      Exhibit
        4.3

       

    

    
      	
              NUMBER

              ________-

            	 	
              (SEE
                REVERSE SIDE FOR LEGEND)

              THIS
                WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO 5:00 P.M. NEW YORK
                CITY
                TIME, __________, 2012

            	 	
              WARRANTS

            

    

     

    CHINA
      ASCENDANCE ACQUISITION CORPORATION

    CUSIP
      G21109 11 4

    WARRANT

    

    THIS
      CERTIFIES THAT, for value received  

    

    is
      the
      registered holder of a Warrant or Warrants expiring ________, 2012 (the
“Warrant”) to purchase one fully paid and non-assessable Ordinary Share, par
      value $.0001 per share (“Shares”), of China Ascendance Acquisition Corporation,
      a Cayman Islands corporation (the “Company”), for each Warrant evidenced by this
      Warrant Certificate. The Warrant entitles the holder thereof to purchase from
      the Company, commencing on the later of (i) the Company’s completion of a
      merger, capital stock exchange, asset acquisition or other similar business
      combination and (ii) ______________, 2009, such number of Shares of the Company
      at the price of $7.50 per share, upon surrender of this Warrant Certificate
      and
      payment of the Warrant Price at the office or agency of the Warrant Agent,
      Continental Stock Transfer & Trust Company, but only subject to the
      conditions set forth herein and in the Warrant Agreement between the Company
      and
      Continental Stock Transfer & Trust Company. The Company shall not be
      obligated to deliver any securities pursuant to the exercise of a Warrant and
      shall have no obligation to settle a Warrant exercise unless a registration
      statement under the Securities Act of 1933, as amended, (the “Act”) with respect
      to the resale of the Ordinary Shares underlying the Warrant is effective,
      subject to the Company satisfying its obligations under Section 7.4 of the
      Warrant Agreement to use its best efforts. In the event that a registration
      statement with respect to the resale of the Ordinary Shares underlying a Warrant
      is not effective under the Act, the holder of such Warrant shall not be entitled
      to exercise such Warrant and such Warrant may have no value and expire
      worthless. In no event will the Company be required to net cash settle the
      warrant exercise. The Warrant Agreement provides that upon the occurrence of
      certain events the Warrant Price and the number of Warrant Shares purchasable
      hereunder, set forth on the face hereof, may, subject to certain conditions,
      be
      adjusted. The term Warrant Price as used in this Warrant Certificate refers
      to
      the price per Share at which Shares may be purchased at the time the Warrant
      is
      exercised.

    No
      fraction of a Share will be issued upon any exercise of a Warrant. If the holder
      of a Warrant would be entitled to receive a fraction of a Share upon any
      exercise of a Warrant, the Company shall, upon such exercise, round up or down
      to the nearest whole number the number of Shares to be issued to such
      holder.

    Upon
      any
      exercise of the Warrant for less than the total number of full Shares provided
      for herein, there shall be issued to the registered holder hereof or the
      registered holder’s assignee a new Warrant Certificate covering the number of
      Shares for which the Warrant has not been exercised.

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

    Upon
      due
      presentment for registration of transfer of the Warrant Certificate at the
      office or agency 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 in exchange for this Warrant
      Certificate, subject to the limitations provided in the Warrant Agreement,
      without charge except for any applicable tax or other governmental
      charge.

    The
      Company and the Warrant Agent may deem and treat the registered holder as the
      absolute owner 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 registered holder, and for all
      other
      purposes, and neither the Company nor the Warrant Agent shall be affected by
      any
      notice to the contrary.

    This
      Warrant does not entitle the registered holder to any of the rights of a
      stockholder of the Company.

    The
      Company reserves the right to call the Warrant at any time prior to its exercise
      with a notice of call in writing to the holders of record of the Warrant, giving
      30 days’ notice of such call at any time after the Warrant becomes exercisable
      if the last sale price of the Shares has been at least $14.25 per share on
      each
      of 20 trading days within any 30 trading day period ending on the third business
      day prior to the date on which notice of such call is given. The call price
      of
      the Warrants is to be $.01 per Warrant. Any Warrant either not exercised or
      tendered back to the Company by the end of the date specified in the notice
      of
      call shall be canceled on the books of the Company and have no further value
      except for the $.01 call price.

    

    By

    

    
      	
              __________________________________________

            	
              ____________________________________________

            
	
              Secretary

            	
              Chairman
                of the Board 

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SUBSCRIPTION
      FORM

    To
      Be
      Executed by the Registered Holder in Order to Exercise Warrants

    

    The
      undersigned Registered Holder irrevocably elects to exercise
      ______________ Warrants represented by this Warrant Certificate, and to
      purchase the Ordinary Shares issuable upon the exercise of such Warrants, and
      requests that Certificates for such shares shall be issued in the name
      of

    

    
      	 
	
              (PLEASE
                TYPE OR PRINT NAME AND ADDRESS)

            
	 
	 
	
              (SOCIAL
                SECURITY OR TAX IDENTIFICATION
                NUMBER)

            

    

    
      
        	
                and
                  be delivered to 

              	 
	
                (PLEASE
                  PRINT OR TYPE NAME AND ADDRESS)

              
	 

      

    

    and,
      if
      such number of Warrants shall not be all the Warrants evidenced by this Warrant
      Certificate, that a new Warrant Certificate for the balance of such Warrants
      be
      registered in the name of, and delivered to, the Registered Holder at the
      address stated below:

    

      
        	
                Dated:
                  

              	 	
                 

              
	 	 	
                (SIGNATURE)

              
	
                 

              	 	 
	 	 	
                (ADDRESS)

              
	
                 

              	 	 
	
                 

              	 	 
	 	 	
                (TAX
                  IDENTIFICATION NUMBER)

              

      

    

     

    ASSIGNMENT

     

    To
      Be
      Executed by the Registered Holder in Order to Assign Warrants

    

    For
      Value
      Received, _______________________ hereby sells, assigns, and transfers unto
      

    

    
      	 
	
              (PLEASE
                TYPE OR PRINT NAME AND ADDRESS)

            
	 
	 

    

    (SOCIAL
      SECURITY OR TAX IDENTIFICATION NUMBER)

    
      	
              and
                be delivered to 

            	 
	
              (PLEASE
                PRINT OR TYPE NAME AND ADDRESS)

            
	 

    

     

    ______________________
      of the Warrants represented by this Warrant Certificate, and hereby irrevocably
      constitutes and appoints _________________________________ Attorney to transfer
      this Warrant Certificate on the books of the Company, with full power of
      substitution in the premises.

    

    Dated:
      _________________________   _________________________________

    (SIGNATURE)

    

    The
      signature to the assignment of the Subscription Form must correspond to the
      name
      written upon the face of this Warrant Certificate in every particular, without
      alteration or enlargement or any change whatsoever, and must be guaranteed
      by a
      commercial bank or trust company or a member firm of the American Stock
      Exchange, New York Stock Exchange, Pacific Stock Exchange or Chicago Stock
      Exchange.Unassociated Document

    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) SUSQUEHANNA FINANCIAL GROUP, LLLP (“SFG”),
      LADENBURG THALMANN & CO. INC. (“LADENBURG”)
      OR AN UNDERWRITER OR SELECTED DEALER IN CONNECTION WITH THE OFFERING,
      OR
      (II) AN OFFICER OR PARTNER OF SFG OR LADENBURG OR OF ANY SUCH UNDERWRITER
      OR SELECTED DEALER.

     

    THIS
      PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF THE CONSUMMATION BY
      CHINA ASCENDANCE ACQUISITION CORPORATION (“COMPANY”)
      OF A
      MERGER, CAPITAL STOCK EXCHANGE, ASSET OR STOCK ACQUISITION OR OTHER SIMILAR
      BUSINESS COMBINATION (“BUSINESS
      COMBINATION”)
      (AS
      DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT (DEFINED HEREIN))
      OR _____________, 2009. VOID AFTER 5:00 P.M. NEW YORK CITY LOCAL TIME,
      ___________, 2013.

     

    UNIT
      PURCHASE OPTION

    

    FOR
      THE PURCHASE OF

    

    700,000
      UNITS

    

    OF

    

    CHINA
      ASCENDANCE ACQUISITION CORPORATION

    

    1.     Purchase
      Option.

     

    THIS
      CERTIFIES THAT, in consideration of $100.00 duly paid by or on behalf of 
_________ (“Holder”),
      as
      registered owner of this Purchase Option, to China Ascendance 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 ___________ __, 2009 (“Commencement
      Date”),
      and
      at or before 5:00 p.m., New York City local time, ________ __, 2013
      (“Expiration
      Date”),
      but
      not thereafter, to subscribe for, purchase and receive, in whole or in part,
      up
      to seven hundred thousand (700,000) units (“Units”)
      of the
      Company, each Unit consisting of one ordinary share of the Company, par value
      $.0001 per share (“Ordinary
      Share”),
      and
      one warrant (“Warrant(s)”)
      expiring four years from the effective date (“Effective
      Date”)
      of the
      registration statement (“Registration
      Statement”)
      pursuant to which Units are offered for sale to the public (“Offering”).
      Each
      Warrant is the same as the warrants included in the Units being registered
      for
      sale to the public by way of the Registration Statement (“Public
      Warrants”),
      except that the initial exercise price of each Warrant is $9.375 per share
      and
      the initial exercise price of each Public Warrant is $7.50 per share. If the
      Expiration Date is a day on which banking institutions are authorized by law
      to
      close, then this Purchase Option may be exercised on the next succeeding day
      which is not such a day in accordance with the terms herein. During the period
      beginning on the date of issuance of this Purchase Option and ending on the
      Expiration Date, the Company
      agrees
      not to take any action that would terminate this Purchase Option. This Purchase
      Option is initially exercisable at $10.00 per Unit so purchased; provided,
      however, that upon the occurrence of any of the events specified in Section
      6
      hereof, the rights granted by this Purchase Option, including the exercise
      price
      per Unit and the number of Units (and Ordinary Shares 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.

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

    2.     Exercise.

     

    2.1     Exercise
      Form.
      In
      order to exercise this Purchase Option, the exercise form attached hereto must
      be duly executed and completed and delivered to the Company, together with
      this
      Purchase Option and payment of the Exercise Price for the Units being purchased
      payable in cash or by certified check or official bank check. If the
      subscription rights represented hereby shall not be exercised at or before
      5:00
      p.m. New York City local 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
      Ordinary Shares 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 (“Cashless
      Exercise Right”)
      as
      follows: upon exercise of the Cashless Exercise Right, the Company shall deliver
      to the Holder (without payment by the Holder of any of the Exercise Price in
      cash) that number of Units (or that number of Ordinary Shares 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) of a Unit. The
      “Value” of the portion of the Purchase Option being converted shall equal the
      remainder derived from subtracting (a) (i) the Exercise Price multiplied by
      (ii)
      the number of Units underlying the portion of this Purchase Option being
      converted from (b) the Current Market Value of a Unit multiplied by the number
      of Units underlying the portion of the Purchase Option being converted. As
      used
      herein, the term “Current Market Value” per Unit at any date means: (A) in the
      event that neither the Units nor Public Warrants are still trading, the
      remainder derived from subtracting (x) the exercise price of a Warrant
      multiplied by the number of Ordinary Shares issuable upon exercise of
      the
      Warrants
      underlying one Unit from (y) (i) the Current Market Price of an Ordinary Share
      multiplied by (ii) the number of Ordinary Shares underlying one Unit, which
      shall include the number of Ordinary Shares underlying the Warrants included
      in
      such Unit; (B) in the event that the Units are still trading, the Current Market
      Price of the Units; and (C) in the event that the Units are not still trading
      but the Ordinary Shares and Public Warrants underlying the Units are still
      trading, the Current Market Price of an Ordinary Share plus the product of
      (x)
      the Current Market Price of the Public Warrants and (y) the number of Ordinary
      Shares underlying the Warrants included in one Unit. The “Current Market Price”
shall mean (i) if the Ordinary Shares (or Units or Public Warrants, as the
      case
      may be) are listed on a national securities exchange or quoted on the Nasdaq
      Global Market, Nasdaq Capital Market or the Finra OTC Bulletin Board (or
      successor exchange), the last sale price of the Ordinary Shares (or Units or
      Public Warrants) in the principal trading market for the Ordinary Share (or
      Units or Public Warrants) as reported by the exchange, Nasdaq or the Finra,
      as
      the case may be, on the last trading day preceding the date in question; (ii)
      if
      the Ordinary Shares (or Units or Public Warrants, as the case may be) are not
      listed on a national securities exchange or quoted on the Nasdaq Global Market,
      Nasdaq Capital Market or the Finra OTC Bulletin Board (or successor exchange),
      but are traded in the residual over-the-counter market, the closing bid price
      for the Ordinary Share (or Units or Public Warrants) on the last trading day
      preceding the date in question for which such quotations are reported by the
      Pink Sheets, LLC or similar publisher of such quotations; and (iii) if the
      current market price of the Ordinary Shares (and/or Units or Public Warrants)
      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. In the event
      the Public Warrants have expired and are no longer exercisable, no “Value” shall
      be attributed to the Warrants underlying this Purchase Option. Additionally,
      in
      the event that this Purchase Option is exercised pursuant to this Section 2.3
      and the Public Warrants are still trading, the “Value” shall be reduced by the
      difference between the Warrant Exercise Price and the exercise price of the
      Public Warrants multiplied by the number of Warrants underlying the Units
      included in the portion of this Purchase Option being
      converted.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

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

     

    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) SFG, Ladenburg or an underwriter or selected dealer in connection
      with the Offering, or (ii) an officer or partner of SFG, Ladenburg or of
      any such underwriter or selected dealer. On and after the first anniversary
      of
      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 in the form
      attached hereto duly executed and completed, together with this 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-

        
          

        

      

      
        
        

      

    

    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 with the
      Company and declared effective by the Securities and Exchange Commission (the
      “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, except in
      the
      case of an exercise of the Cashless Exercise Right, 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 reasonably 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 use its best efforts to register (the “Demand
      Registration”)
      under
      the Act on one occasion, all or any portion of the Purchase Options requested
      by
      the Majority Holders in the Initial Demand Notice and all of the securities
      underlying such Purchase Options, including the Units, Ordinary Share, the
      Warrants and the Ordinary Share 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 Initial Demand Notice shall specify the number of shares of
      Registrable Securities proposed to be sold and the intended method(s) of
      distribution thereof. The Company will notify all holders of the Purchase
      Options and/or Registrable Securities of the demand within ten days from the
      date of the receipt of any such Initial Demand Notice. Each holder of
      Registrable Securities who wishes to include all or a portion of such holder’s
      Registrable Securities in the Demand Registration (each such holder including
      shares of Registrable Securities in such registration, a “Demanding
      Holder”)
      shall
      so notify the Company within fifteen (15) days after the receipt by the holder
      of the notice from the Company. Upon any such request, the Demanding Holders
      shall be entitled to have their Registrable Securities included in the Demand
      Registration, subject to Section 5.1.4.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    5.1.2  
       Effective
      Registration.
      A
      registration will not count as a Demand Registration until the registration
      statement filed with the Commission with respect to such Demand Registration
      has
      been declared effective and the Company has complied with all of its obligations
      under this Agreement with respect thereto; provided, however, that if, after
      such registration statement has been declared effective, the offering of
      Registrable Securities pursuant to a Demand Registration is interfered with
      by
      any stop order or injunction of the Commission or any other governmental agency
      or court, the registration statement with respect to such Demand Registration
      will be deemed not to have been declared effective, unless and until,
      (i) such stop order or injunction is removed, rescinded or otherwise
      terminated, and (ii) a majority-in-interest of the Demanding Holders
      thereafter elect to continue the offering.

     

    5.1.3  
       Underwritten
      Offering.
      If the
      Majority Holders so elect and such holders so advise the Company as part of
      the
      Initial Demand Notice, the offering of such Registrable Securities pursuant
      to
      such Demand Registration shall be in the form of an underwritten offering.
      In
      such event, the right of any holder to include its Registrable Securities in
      such registration
      shall be
      conditioned upon such holder’s participation in such underwriting and the
      inclusion of such holder’s Registrable Securities in the underwriting to the
      extent provided herein. All Demanding Holders proposing to distribute their
      securities through such underwriting shall enter into an underwriting agreement
      in customary form with the underwriter or underwriters selected for such
      underwriting by the Majority Holders.

     

    5.1.4  
       Reduction
      of Offering.
      If the
      managing underwriter or underwriters for a Demand Registration that is to be
      an
      underwritten offering advises the Company and the Demanding Holders in writing
      that the dollar amount or number of shares of Registrable Securities which
      the
      Demanding Holders desire to sell, taken together with all other Ordinary Shares
      or other securities which the Company desires to sell and the Ordinary Shares,
      if any, as to which registration has been requested pursuant to written
      contractual piggy-back registration rights held by other stockholders of the
      Company who desire to sell, exceeds the maximum dollar amount or maximum number
      of shares that can be sold in such offering without adversely affecting the
      proposed offering price, the timing, the distribution method, or the probability
      of success of such offering (such maximum dollar amount or maximum number of
      shares, as applicable, the “Maximum
      Number of Shares”),
      then
      the Company shall include in such registration: (i) first, the Registrable
      Securities as to which Demand Registration has been requested by the Demanding
      Holders (pro rata in accordance with the number of shares that each such Person
      has requested be included in such registration, regardless of the number of
      shares held by each such Person (such proportion is referred to herein as
“Pro
      Rata”))
      that
      can be sold without exceeding the Maximum Number of Shares; (ii) second, to
      the extent that the Maximum Number of Shares has not been reached under the
      foregoing clause (i), the Ordinary Shares or other securities that the Company
      desires to sell that can be sold without exceeding the Maximum Number of Shares;
      (iii) third, to the extent that the Maximum Number of Shares has not been
      reached under the foregoing clauses (i) and (ii), the Ordinary Shares or
      other securities registrable pursuant to the terms of the Registration Rights
      Agreement between the Company and the initial investors in the Company, dated
      as
      of _____________ __, 2008 (the “Registration
      Rights Agreement”
and
      such registrable securities, the “Investor
      Securities”)
      as to
      which “piggy-back” registration has been requested by the holders thereof, Pro
      Rata, that can be sold without exceeding the Maximum Number of Shares; and
      (iv) fourth, to the extent that the Maximum Number of Shares have not been
      reached under the foregoing clauses (i), (ii), and (iii), the Ordinary
      Shares or other securities for the account of other persons that the Company
      is
      obligated to register pursuant to written contractual arrangements with such
      persons and that can be sold without exceeding the Maximum Number of
      Shares.

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    5.1.5  
       Withdrawal.
      If a
      majority-in-interest of the Demanding Holders disapprove of the terms of any
      underwriting or are not entitled to include all of their Registrable Securities
      in any offering, such majority-in-interest of the Demanding Holders may elect
      to
      withdraw from such offering by giving written notice to the Company and the
      underwriter or underwriters of their request to withdraw prior to the
      effectiveness of the registration statement filed with the Commission with
      respect to such Demand Registration. If the majority-in-interest of the
      Demanding Holders withdraws from a proposed offering relating to a Demand
      Registration, then the Company does not have to continue its obligations under
      Section 5.1 with respect to such proposed offering.

     

    5.1.6  
       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 use its best efforts to cause any
      registration statement or post-effective amendment filed pursuant to the demand
      rights granted under Section 5.1.1 to remain effective until the expiration
      of
      the Warrants in accordance with the terms and conditions of that certain Warrant
      Agreement, dated as of _________, 2008, between the Company and Continental
      Stock Transfer & Trust Company (the "Warrant
      Agreement").

     

    
      
        
        

      

      
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    5.2     Piggy-Back
      Registration.

     

    5.2.1  
       Piggy-Back
      Rights.
      If at
      any time during the seven year period commencing on the Effective Date the
      Company proposes to file a registration statement under the Act with respect
      to
      an offering of equity securities, or securities or other obligations exercisable
      or exchangeable for, or convertible into, equity securities, by the Company
      for
      its own account or for stockholders of the Company for their account (or by
      the
      Company and by stockholders of the Company including, without limitation,
      pursuant to Section 5.1), other than a registration statement (i) filed in
      connection with any employee stock option or other benefit plan, (ii) for
      an exchange offer or offering of securities solely to the Company’s existing
      stockholders, (iii) for an offering of debt that is convertible into equity
      securities of the Company or (iv) for a dividend reinvestment plan, then
      the Company shall (x) give written notice of such proposed filing to the holders
      of Registrable Securities as soon as practicable but in no event less than
      ten
      (10) days before the anticipated filing date, which notice shall describe the
      amount and type of securities to be included in such offering, the intended
      method(s) of distribution, and the name of the proposed managing underwriter
      or
      underwriters, if any, of the offering, and (y) offer to the holders of
      Registrable Securities in such notice the opportunity to register the sale
      of
      such number of shares of Registrable Securities as such holders may request
      in
      writing within five (5) days following receipt of such notice (a “Piggy-Back
      Registration”).
      The
      Company shall cause such Registrable Securities to be included in such
      registration and shall use its best efforts to cause the managing underwriter
      or
      underwriters of a proposed underwritten offering to permit the Registrable
      Securities requested to be included in a Piggy-Back Registration on the same
      terms and conditions as any similar securities of the Company and to permit
      the
      sale or other disposition of such Registrable Securities in accordance with
      the
      intended method(s) of distribution thereof. All holders of Registrable
      Securities proposing to distribute their securities through a Piggy-Back
      Registration that involves an underwriter or underwriters shall enter into
      an
      underwriting agreement in customary form with the underwriter or underwriters
      selected for such Piggy-Back Registration.

     

    5.2.2  
       Reduction
      of Offering.
      If the
      managing underwriter or underwriters for a Piggy-Back Registration that is
      to be
      an underwritten offering advises the Company and the holders of Registrable
      Securities in writing that the dollar amount or number of Ordinary Shares which
      the Company desires to sell, taken together with Ordinary Shares, if any, as
      to
      which registration has been demanded pursuant to written contractual
      arrangements with persons other than the holders of Registrable Securities
      hereunder, the Registrable Securities as to which registration has been
      requested under this Section 5.2, and the Ordinary Shares, if any, as to which
      registration has been requested pursuant to the written contractual piggy-back
      registration rights of other stockholders of the Company, exceeds the Maximum
      Number of Shares, then the Company shall include in any such
      registration:

     

    (a)     If
      the
      registration is undertaken for the Company’s account: (A) first, the
      Ordinary Shares or other securities that the Company desires to sell that can
      be
      sold without exceeding the Maximum Number of Shares; (B) second, to the
      extent that the Maximum Number of Shares has not been reached under the
      foregoing clause (A), the Ordinary Shares or other securities, if any,
      comprised of Registrable Securities and Investor Securities, as to which
      registration has been requested pursuant to the applicable written contractual
      piggy-back registration rights of such security holders, Pro Rata, that can
      be
      sold without exceeding the Maximum Number of Shares; and (C) third, to the
      extent that the Maximum Number of shares has not been reached under the
      foregoing clauses (A) and (B), the Ordinary Shares or other securities for
      the account of other persons that the Company is obligated to register pursuant
      to written contractual piggy-back registration rights with such persons and
      that
      can be sold without exceeding the Maximum Number of Shares;

     

    
      
        
        

      

      
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    (b)     If
      the
      registration is a “demand” registration undertaken at the demand of holders of
      Investor Securities, (A) first, the Ordinary Shares or other securities for
      the account of the demanding persons, Pro Rata, that can be sold without
      exceeding the Maximum Number of Shares; (B) second, to the extent that the
      Maximum Number of Shares has not been reached under the foregoing
      clause (A), the Ordinary Shares or other securities that the Company
      desires to sell that can be sold without exceeding the Maximum Number of Shares;
      (C) third, to the extent that the Maximum Number of Shares has not been
      reached under the foregoing clauses (A) and (B), the shares of Registrable
      Securities, Pro Rata, as to which registration has been requested pursuant
      to
      the terms hereof, that can be sold without exceeding the Maximum Number of
      Shares; and (D) fourth, to the extent that the Maximum Number of Shares has
      not been reached under the foregoing clauses (A), (B) and (C), the Ordinary
      Shares or other securities for the account of other persons that the Company
      is
      obligated to register pursuant to written contractual arrangements with such
      persons, that can be sold without exceeding the Maximum Number of Shares;
      and

     

    (c)     If
      the
      registration is a “demand” registration undertaken at the demand of persons
      other than either the holders of Registrable Securities or of Investor
      Securities, (A) first, the Ordinary Shares or other securities for the account
      of the demanding persons that can be sold without exceeding the Maximum Number
      of Shares; (B) second, to the extent that the Maximum Number of Shares has
      not
      been reached under the foregoing clause (A), the Ordinary Shares or other
      securities that the Company desires to sell that can be sold without exceeding
      the Maximum Number of Shares; (C) third, to the extent that the Maximum Number
      of Shares has not been reached under the foregoing clauses (A) and (B),
      collectively the Ordinary Shares or other securities comprised of Registrable
      Securities and Investor Securities, Pro Rata, as to which registration has
      been
      requested pursuant to the terms hereof and of the Registration Rights Agreement,
      as applicable, that can be sold without exceeding the Maximum Number of Shares;
      and (D) fourth, to the extent that the Maximum Number of Shares has not been
      reached under the foregoing clauses (A), (B) and (C), the Ordinary Shares or
      other securities for the account of other persons that the Company is obligated
      to register pursuant to written contractual arrangements with such persons,
      that
      can be sold without exceeding the Maximum Number of Shares.

     

    5.2.3  
       Withdrawal.
      Any
      holder of Registrable Securities may elect to withdraw such holder’s request for
      inclusion of Registrable Securities in any Piggy-Back Registration by giving
      written notice to the Company of such request to withdraw prior to the
      effectiveness of the registration statement. The Company (whether on its own
      determination or as the result of a withdrawal by persons making a demand
      pursuant to written contractual obligations) may withdraw a registration
      statement at any time prior to the effectiveness of the registration statement.
      Notwithstanding any such withdrawal, the Company shall pay all expenses incurred
      by the holders of Registrable Securities in connection with such Piggy-Back
      Registration as provided in Section 5.2.4.

     

    
      
        
        

      

      
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    5.2.4  
       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 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 use its best efforts to 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     Intentionally
      Omitted.

     

    5.4     General
      Terms.

     

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

     

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

     

    
      
        
        

      

      
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    5.4.3  
       Documents
      Delivered to Holders.
      The
      Company shall furnish SFG and Ladenburg, as representatives of the Holders
      participating in any of the foregoing offerings, a signed counterpart, addressed
      to the participating Holders, of (i) an opinion of counsel to the Company,
      dated
      the effective date of such registration statement (and, if such registration
      includes an underwritten public offering, an opinion dated the date of the
      closing under any underwriting agreement related thereto), and (ii) a “cold
      comfort” letter dated the effective date of such registration statement (and, if
      such registration includes an underwritten public offering, a letter dated
      the
      date of the closing under the underwriting agreement) signed by the independent
      public accountants who have issued a report on the Company’s financial
      statements included in such registration statement, in each case covering
      substantially the same matters with respect to such registration statement
      (and
      the prospectus included therein) and, in the case of such accountants’ letter,
      with respect to events subsequent to the date of such financial statements,
      as
      are customarily covered in opinions of issuer’s counsel and in accountants’
letters delivered to underwriters in underwritten public offerings of
      securities. The Company shall also deliver promptly to SFG and Ladenburg, as
      representatives 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 SFG, 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 Financial
      Industry Regulatory Authority (“Finra”).
      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 SFG and Ladenburg, as representatives of the Holders, shall
      reasonably request. The Company shall not be required to disclose any
      confidential information or other records to SFG and Ladenburg, as
      representatives of the Holders, or to any other person, until and unless such
      persons shall have entered into reasonable confidentiality agreements (in form
      and substance reasonably satisfactory to the Company), with the Company with
      respect thereto.

     

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

     

    
      
        
        

      

      
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    5.4.5  
       Rule
      144 Sale.
      Notwithstanding anything contained in this Section 5 to the contrary, the
      Company shall have no obligation pursuant to Sections 5.1 or 5.2 to use its
      best
      efforts to obtain 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 volume limitations under paragraph (e) of Rule 144
      (calculated as if such Holder were an affiliate within the meaning of Rule
      144).

     

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

     

    6.     Adjustments.

     

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

     

    6.1.1  
       Stock
      Dividends - Split-Ups.
      If
      after the date hereof, and subject to the provisions of Section 6.4 below,
      the
      number of outstanding Ordinary Shares is increased by a stock dividend payable
      in Ordinary Shares or by a split-up of Ordinary Shares or other similar event,
      then, on the effective date thereof, the number of Ordinary Shares underlying
      each of the Units purchasable hereunder shall be increased in proportion to
      such
      increase in outstanding shares. In such case, the number of Ordinary Shares,
      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 $8.00 per whole Unit (each Warrant underlying the Units
      is exercisable for $7.50 per share), upon effectiveness of the dividend, this
      Purchase Option will be adjusted to allow for the purchase of one Unit at $8.00
      per Unit, each Unit entitling the holder to receive two Ordinary Shares and
      two
      Warrants (each Warrant exercisable for $3.75 per share).

     

    
      
        
        

      

      
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    6.1.2  
       Aggregation
      of Shares.
      If
      after the date hereof, and subject to the provisions of Section 6.4, the number
      of outstanding Ordinary Shares is decreased by a consolidation, combination
      or
      reclassification of Ordinary Shares or other similar event, then, on the
      effective date thereof, the number of Ordinary Shares underlying each of the
      Units purchasable hereunder shall be decreased in proportion to such decrease
      in
      outstanding shares. In such case, the number of Ordinary Shares, 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 Ordinary Shares
      other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely
      affects the par value of such Ordinary Shares, 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 Ordinary Shares), or in the case of any sale or conveyance to
      another corporation or entity of the property of the Company as an entirety
      or
      substantially as an entirety in connection with which the Company is dissolved,
      the Holder of this Purchase Option shall have the right thereafter (until the
      expiration of the right of exercise of this Purchase Option) to receive upon
      the
      exercise hereof, for the same aggregate Exercise Price payable hereunder
      immediately prior to such event, the kind and amount of shares of stock or
      other
      securities or property (including cash) receivable upon such reclassification,
      reorganization, merger or consolidation, or upon a dissolution following any
      such sale or transfer, by a Holder of the number of Ordinary Shares 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 Ordinary Shares 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  
       Extraordinary
      Dividends.
      If the
      Company, at any time while this Purchase Option is outstanding and unexpired,
      shall pay a dividend or make a distribution in cash, securities or other assets
      to the holders of Ordinary Shares (or other shares of the Company’s capital
      stock receivable upon exercise of the Purchase Option), other than (i) as
      described in Sections 6.1.1, 6.1.2 or 6.1.3, (ii) regular quarterly or
      other periodic dividends, (iii) in connection with the conversion rights of
      the holders of Ordinary Shares upon consummation of the Company’s initial
      Business Combination or (iv) in connection with the Company’s liquidation
      and the distribution of its assets upon its failure to consummate a Business
      Combination (any such non-excluded event being referred to herein as an
“Extraordinary
      Dividend”),
      then
      the Exercise Price shall be decreased, effective immediately after the effective
      date of such Extraordinary Dividend, by the amount of cash and/or the fair
      market value (as determined by the Company’s Board of Directors, in good faith)
      of any securities or other assets paid on each Ordinary Share in respect of
      such
      Extraordinary Dividend.

     

    
      
        
        

      

      
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    6.1.5  
       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.

     

    6.1.6  
       Adjustments
      to Warrants.
      To the
      extent the exercise price of the Public Warrants is lowered pursuant to
      Section [3.1] of the Warrant Agreement, dated _______, 2008, between
      the Company and Continental Stock Transfer & Trust Company (the
“Warrant
      Agreement”),
      the
      exercise price of the Warrants underlying this Purchase Option shall be reduced
      on identical terms (except that the Warrant Price (as defined in the Warrant
      Agreement) for the Warrants shall always remain 125% of the Warrant Price for
      the Public Warrants), subject to any limitations and conditions that may be
      imposed by FINRA pursuant to Rule 2710 of the National Association of Securities
      Dealers, Inc. (the “NASD
      Conduct Rules”)
      and
      any such reduction must remain in effect for at least twenty (20) business
      days. To the extent that the duration of the Public Warrants is extended
      pursuant to Section [3.2] of the Warrant Agreement, the duration of the
      Warrants underlying this Purchase Option shall be extended on identical terms,
      subject to any limitations that may be imposed by FINRA pursuant to the NASD
      Conduct Rules.

     

    6.2     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 Ordinary Share), 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 Ordinary Shares 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.

     

    6.3     Elimination
      of Fractional Interests.
      The
      Company shall not be required to issue certificates representing fractions
      of
      Ordinary Shares 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,
      Ordinary Shares or other securities, properties or rights.

     

    7.     Reservation
      and Listing.
      The
      Company shall at all times reserve and keep available out of its authorized
      Ordinary Shares, solely for the purpose of issuance upon exercise of the
      Purchase Options or the Warrants underlying the Purchase Option, such number
      of
      Ordinary Shares 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 Ordinary
      Shares and other securities issuable upon such exercise shall be duly and
      validly issued, fully paid and nonassessable 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 Ordinary Shares and other
      securities issuable upon such exercise shall be duly and validly issued, fully
      paid and nonassessable and not subject to preemptive rights of any stockholder.
      As long as the Purchase Options shall be outstanding, the Company shall use
      its
      best efforts to cause all (i) Units and Ordinary Shares issuable upon exercise
      of the Purchase Options, (iii) Warrants issuable upon exercise of the Purchase
      Options and (iv) Ordinary Shares 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 Global Market, Nasdaq Capital Markets, FINRA OTC Bulletin Board
      or
      any successor trading market) on which the Units, the Ordinary Share or the
      Public Warrants issued to the public in connection herewith may then be listed
      and/or quoted.

     

    
      
        
        

      

      
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    8.     Certain
      Notice Requirements.

     

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

     

    8.2     Events
      Requiring Notice.
      The
      Company shall be required to give the notice described in this Section 8 in
      connection with any of the following events: (i) if the Company shall take
      a
      record of the holders of its Ordinary Shares 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
      Ordinary Share 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, but in no event later than five (5) business days,
      after an event requiring a change in the Exercise Price pursuant to Section
      6
      hereof, send notice to the Holder 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.

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

    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 this Purchase Option, to the address of such Holder as
      shown on the books of the Company, or (ii) if to the Company, to the following
      address or to such other address as the Company may designate by notice to
      the
      Holders:

     

    China
      Ascendance Acquisition Corporation

    108
      North
      4th
      Ring
      East Road

    QianHe
      JiaYuan, Building 9, Suite 607

    Beijing
      100029, China

    Attn:
      Ping Du, Chief Executive Officer

    

    9.     Miscellaneous.

     

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

     

    9.3     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.

     

    9.4     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.

     

    9.5     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.

     

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

    9.6     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, noncompliance 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,
      noncompliance or non-fulfillment shall be construed or deemed to be a waiver
      of
      any other or subsequent breach or noncompliance.

     

    9.7     Underlying
      Warrants.
      At any
      time after exercise by the Holder of this Purchase Option, the Holder may
      exchange his Warrants (with a $9.375 initial exercise price) for Public Warrants
      (with a $7.50 initial exercise price) upon payment to the Company of the
      difference between the exercise price of his Warrant and the exercise price
      of
      the Public Warrants.

     

     

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Company has caused this Purchase Option to be signed by
      its
      duly authorized officer as of the ____ day of _________, 2008.

     

    
      	 	 	 
	 	CHINA
              ASCENDANCE
              ACQUISITION CORPORATION
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
	 	Title:

    

     

     

     

    

    
      
        
        

      

      
        -17-

        
          

        

      

      
        
        

      

    

    Form
      to be used to exercise Purchase Option:

     

    China
      Ascendance Acquisition Corporation

    968
      Tian Yao Qiao Road

    Building
      3, #2701

    Shanghai

    People’s
      Republic of China 

    

    Date:_________________,
      200__

    

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

     

    or

     

    The
      undersigned hereby elects irrevocably to convert all or a portion of its right
      to purchase _________ Units purchasable under the within Purchase Option by
      surrender of all or a portion of the unexercised portion of the attached
      Purchase Option (with a “Value” based of $_______ based on a “Market Price” of
      $_______) in return for the issuance of _________ Units. Please issue the
      Ordinary Shares and Warrants which comprise the Units as to which this Purchase
      Option is exercised in accordance with the instructions given
      below.

     

    ___________________________________________________________________

    NOTICE:
      The signature to this assignment must correspond with the name as written upon
      the face of the purchase option 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).

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    INSTRUCTIONS
      FOR REGISTRATION OF SECURITIES

     

    

    

    ______________________________________________________________________________________________________

    Name
      (Print in Block Letters)

    

    

    

    ______________________________________________________________________________________________________

    Address

    

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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 __________ of the ________ Units of
      China Ascendance 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

    

    

    ___________________________________________________________________

    NOTICE:
      The signature to this assignment must correspond with the name as written upon
      the face of the purchase option 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).

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