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 SIX MONTHS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE
      OTHER THAN (I) BROADBAND CAPITAL MANAGEMENT LLC (“BROADBAND”) OR ITS AFFILIATES
      OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING (DEFINED
      HEREIN), OR (II) A BONA FIDE OFFICER, PARTNER OR EMPLOYEE OF BROADBAND OR OF
      ANY
      SUCH UNDERWRITER OR SELECTED DEALER.

     

    THIS
      PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF: (I)
      ___________________, 2009 AND (II) THE CONSUMMATION BY KOREA MILESTONE
      ACQUISITION CORPORATION (THE “COMPANY”) OF A MERGER, CAPITAL STOCK EXCHANGE,
      STOCK PURCHASE, ASSET ACQUISITION, REORGANIZATION OR OTHER SIMILAR BUSINESS
      COMBINATION (A “BUSINESS COMBINATION”) (AS DESCRIBED MORE FULLY IN THE COMPANY’S
      REGISTRATION STATEMENT (AS DEFINED HEREIN)). THIS PURCHASE OPTION SHALL BE
      VOID
      AFTER 5:00 P.M, NEW YORK CITY LOCAL TIME, ON ______________,
      2013.

     

     

    UNIT
      PURCHASE OPTION

     

    FOR
      THE PURCHASE OF

     

    375,000
      UNITS

     

    OF

     

    KOREA
      MILESTONE ACQUISITION CORPORATION

     

    1. Purchase
      Option.

     

    THIS
      CERTIFIES THAT, in consideration of $100 duly paid by or on behalf of
Broadband
      Capital Management LLC (collectively, with its successors and permitted assigns
      and/or transferees, the “Holder”
or
      “Broadband”),
      as
      registered owner of this Purchase Option, to Korea Milestone Acquisition
      Corporation, a company formed under the laws of the Cayman Islands (the
“Company”),
      Holder is entitled, at any time or from time to time after the closing of the
      Offering (as defined below) and during the period commencing (the “Commencement
      Date”)
      on the
      later of: (i) the consummation of a Business Combination and (ii) ____________
      __, 2009, and expiring (the “Expiration
      Date”)
      at or
      before 5:00 p.m., New York City local time, _______ __, 2013, but not
      thereafter, to subscribe for, purchase and receive, in whole or in part, up
      to
      Three Hundred Seventy-Five Thousand (375,000) units (the “Units”)
      of the
      Company, each Unit consisting of two ordinary shares of the Company, par value
      $.0001 per share (the “Ordinary
      Shares”),
      and
      one warrant (the “Warrant”)
      to
      purchase one Ordinary Share expiring four years from the effective date (the
      “Effective
      Date”)
      of the
      registration statement (the “Registration
      Statement”)
      pursuant to which Units are offered for sale to the public (the “Offering”).
      Each
      Warrant is on the same terms and conditions as the warrants underlying the
      Units
      being registered for sale to the public by way of the Registration
      Statement.
      If the
      Expiration Date is a day on which banking institutions are authorized by law
      to
      close, then this Purchase Option shall expire on the next succeeding day that
      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
      $25.00 per Unit (the “Exercise
      Price”).
      The
      number of Units purchasable hereunder and the Exercise Price are subject to
      adjustment as provided in this Purchase Option.

     

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

    2. Exercise.

     

    2.1 Exercise.
      This
      Purchase Option may be exercised by the Holder in whole or in part at any time
      or in part from time to time on or after the Commencement Date and before the
      Expiration Date by: (x) surrendering this Purchase Option to the Company, (y)
      delivering a subscription form in the attached hereto as Annex I (duly executed
      by the Holder) and (z) making payment of the Exercise Price in cash, certified
      or official bank check payable to the order of the Company or wire transfer
      of
      immediately available funds (to an account designated by the Company), in any
      case in an amount obtained by multiplying (a) the number of Units designated
      by
      the Holder in the subscription form by (b) the Exercise Price then in effect.
      In
      the event of a partial exercise or assignment hereof, the Company shall issue
      and deliver to or upon the order of the Holder a new Purchase Option of like
      tenor, in the name of the Holder or as the Holder (upon payment by the Holder
      of
      applicable transfer taxes) may request, evidencing the right to purchase the
      aggregate number of Units for which such Purchase Option may still be exercised.
      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 automatically 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 Units issued upon exercise of this Purchase Option and
      each
      certificate representing the underlying Ordinary Shares and Warrants and the
      Ordinary Shares issuable upon exercise of the underlying Warrants (the
“Warrant
      Shares”)
      shall
      bear a legend as follows, unless such Units, Ordinary Shares, Warrants and/or
      Warrant Shares (collectively, the “Securities”)
      have
      been registered under the Securities Act of 1933, as amended (the “Act”):

     

    “THE
      SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
      ACT
      OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND
      NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD,
      TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION
      FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION
      OF COUNSEL FOR THIS
      CORPORATION, IS AVAILABLE.”

     

    2.3 Cashless
      Exercise.
      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 (the “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 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 the portion of the Purchase Option being converted. 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 (as defined below) of a Unit multiplied by the number
      of Units underlying the portion of the Purchase Option being converted. As
      used
      herein, the term “Current
      Market Value”
per
      Unit at any date means: (A) in the event that neither the Units nor Warrants
      are
      still trading, the remainder derived from subtracting (x) the exercise price
      of
      the Warrants multiplied by the number of Ordinary Shares issuable upon exercise
      of the Warrants underlying one Unit from (y) (i) the Current Market Price of
      the
      Ordinary Shares multiplied by (ii) the number of Ordinary Shares underlying
      one
      Unit, which shall include the Ordinary Shares underlying the Warrants included
      in such Unit less the Exercise Price for the Unit plus the current Market Price
      of the Ordinary Shares underlying the Unit; (B) in the event the Units, Ordinary
      Shares and Warrants are still trading, (i) if the Units are listed on a national
      securities exchange or quoted on the Nasdaq Global Market, Nasdaq Capital Market
      or FINRA OTC Bulletin Board (or successor), the average of the last sale price
      of the Units in the principal trading market for the Units as reported by the
      exchange, Nasdaq or FINRA, as the case may be, for the ten trading days ending
      on the third business day prior to exercise; or (ii) if the Units 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
      is
      traded in the residual over-the-counter market, the average of the closing
      bid
      price for Units for the ten trading days ending on the third business day prior
      to exercise for which such quotations are reported by the Pink Sheets, LLC
      or
      similar publisher of such quotations; and (C) in the event that the Units are
      not still trading but the Ordinary Shares and Warrants underlying the Units
      are
      still trading, the Current Market Price of the Ordinary Shares plus the product
      of (x) the Current Market Price of the 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 Warrants, as the case may be) is listed
      on a
      national securities exchange or quoted on the Nasdaq Global Market, Nasdaq
      Capital Market or FINRA OTC Bulletin Board (or successor such as the Bulletin
      Board Exchange), the average of the sale price of the Ordinary Shares (or
      Warrants) in the principal trading market for the Ordinary Shares as reported
      by
      the exchange, Nasdaq or the FINRA, as the case may be, for the ten trading
      days
      ending on the third business day prior to exercise; (ii) if the Ordinary Shares
      (or Warrants, as the case may be) is 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 is traded in the residual
      over-the-counter market, the closing bid price for the Ordinary Shares (or
      Warrants) on the last trading day preceding the date in question for which
      such
      quotations are reported by the Pink Sheets, LLC or similar publisher of such
      quotations; and (iii) if the fair market value of the Ordinary Shares 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.

     

    
      
        
        

      

      
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    2.4
       Mechanics
      of Cashless Exercise.
      The
      cashless exercise right set forth herein 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 right.

     

    2.5 No
      Cash Settlement. Notwithstanding
      anything to the contrary contained in this Purchase Option, under no
      circumstances will the Company be required to net cash settle the exercise
      of
      the Purchase
      Option
      or the Warrants underlying the Purchase Option.

     

    2.6 Effective
      Registration Statement.
      The
      Warrants underlying this Purchase Option are exercisable only during those
      periods of time in which the Company maintains the effectiveness of the
      Registration Statement or another registration statement covering their
      exercise. If the Company fails to maintain the effectiveness of the Registration
      Statement, the Warrants underlying this Purchase Option may expire
      worthless.

     

    
      
        
        

      

      
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    3. Transfer.

     

    3.1 General
      Restrictions.
      Holder
      agrees that, pursuant to FINRA Rule 2710(g)(1), it will not sell this Purchase
      Option during the Company’s Offering, nor shall such Holder sell, transfer,
      assign, pledge, hypothecate or otherwise dispose of this Purchase Option
      (including the Securities hereunder) or cause this Purchase Option or the
      Securities hereunder to be the subject of any hedging, short sale, derivative,
      put or call transaction that would result in the effective economic disposition
      of this Purchase Option or the Securities hereunder, except as provided for
      in
      FINRA Rule 2710(g)(2). 

     

    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 Ellenoff, Grossman & Schole LLP shall be deemed
      satisfactory evidence of the availability of an exemption), or (ii) a
      registration statement or a post-effective amendment to the Registration
      Statement relating to such Securities has been filed by the Company and declared
      effective by the Securities and Exchange Commission (the “SEC”)
      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 order to make any permitted assignment
      or
      transfer, the Holder must deliver to the Company the assignment form attached
      hereto as Annex II 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 (5) 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 or transfer.

     

    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 (an “Demand
      Notice”)
      of the
      Holder(s) of at least a majority (the “Majority
      Holders”)
      of the
      Purchase Options and/or the underlying Units and/or the underlying Securities,
      agrees to register all or any portion of the Purchase Option and the underlying
      Securities (collectively, the “Registrable
      Securities”)
      as
      requested by the Majority Holders. The Company will file a registration
      statement or a post-effective amendment to the Registration Statement covering
      the Registrable Securities within sixty (60) days after receipt of the Initial
      Demand Notice and use its commercially reasonable efforts to have such
      registration statement or post-effective amendment declared effective as soon
      as
      possible thereafter, subject to compliance with review by the SEC. The demand
      for registration may be made at any time after the Commencement Date. The
      Company covenants and agrees to give written notice of its receipt of any Demand
      Notice by any Holder(s) to all other registered Holders of the Purchase Options
      and/or the Registrable Securities within ten (10) days from the date of the
      receipt of any such Demand Notice.

     

    
      
        
        

      

      
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    5.1.2 Terms.
      The
      Company shall bear all fees and expenses attendant to registering the
      Registrable Securities, including the expenses of one legal counsel selected
      by
      the Holders to represent them in connection with the registration 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 shareholders of the Company to be obligated to escrow their shares
      of capital stock of the Company. The Company shall cause any registration
      statement or post-effective amendment filed pursuant to the demand rights
      granted under Section 5.1.1 to remain effective for a period of twelve (12)
      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.
      If at
      any time during a period of seven (7) years commencing on the Effective Date
      when there is not an effective registration statement covering all of the
      Registrable Securities, the Company shall determine to prepare and file with
      the
      SEC a registration statement relating to an offering under the Act of any of
      its
      securities, other than pursuant to SEC Form F-4 or S-8 or any equivalent form,
      the Company, upon the request of any Holder, as described below, shall cause
      the
      registration under the Act of the Registrable Securities as part of any such
      registration statement filed by the Company; 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 shareholder(s), will exceed the maximum amount of the Company’s
      securities (the “Maximum
      Number of Shares”)
      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 shall include in any such registration:

     

    (i) 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, if any, including the Registrable Securities, as
      to
      which registration has been requested pursuant to written contractual piggy-back
      registration rights of security holders (pro rata in accordance with the number
      of Ordinary Shares which each such person has actually requested to be included
      in such registration, regardless of the number of Ordinary Shares with respect
      to which such persons have the right to request such inclusion) that can be
      sold
      without exceeding the Maximum Number of Shares; and

     

    (ii) If
      the
      registration is a “demand” registration undertaken at the demand of persons
      other than the holders of Registrable Securities pursuant to written contractual
      arrangements with such persons, (A) first, the Ordinary Shares 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; and (C) third, to the extent that the Maximum
      Number of Shares has not been reached under the foregoing clauses (A) and (B),
      the Registrable Securities as to which registration has been requested under
      this Section 5.2 (pro rata in accordance with the number of shares of
      Registrable Securities held by each such holder); 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, if any, as to which registration
      has been requested pursuant to written contractual piggy-back registration
      rights which other shareholders desire to sell that can be sold without
      exceeding the Maximum Number of Shares.

     

    
      
        
        

      

      
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    5.2.2 Terms.
      The
      Company shall bear all fees and expenses attendant to registering the
      Registrable Securities, including the reasonable expenses of one legal counsel
      selected by the Holders to represent them in connection with the registration
      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 (15) days’ written notice
      prior to the proposed date of filing of such registration statement. Such notice
      to the Holders shall continue to be given for each applicable registration
      statement filed (during the period in which the Purchase Option is exercisable)
      by the Company until such time as all of the Registrable Securities have been
      registered and sold. The holders of the Registrable Securities shall exercise
      the “piggy-back” rights provided for herein by giving written notice, within ten
      days of the receipt of the Company’s notice of its intention to file a
      registration statement. The Company shall cause any registration statement
      filed
      pursuant to the above “piggyback” rights to remain effective for at least twelve
      (12) consecutive months from the date that the Holders of the Registrable
      Securities are first given the opportunity to sell all of such securities.
      The
      Company agrees, at its sole expense, 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
      shareholders of the Company to be obligated to escrow their shares of capital
      stock of the Company. 

     

    5.3 General
      Terms.

     

    5.3.1 Indemnification.
      The
      Company shall, notwithstanding any termination of this Purchase Option,
      indemnify and hold harmless each Holder, the officers, directors, agents,
      brokers, investment advisors and employees of each of them 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 (the
“Exchange
      Act”),
      and the
      officers, directors, agents and employees of such controlling person, to the
      fullest extent permitted by applicable law, from and 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 out of or relating to such registration statement filed pursuant to
      this
      Section 5 and any prospectus contained in the registration statement or in
      any
      amendment or supplement thereto, except 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 5.1 of the Underwriting
      Agreement between the Company, Broadband and the other underwriters named
      therein dated the Effective Date. Each Holder 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,
      directors, agents and employees 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
      5.2 of the Underwriting Agreement pursuant to which the underwriters have agreed
      to indemnify the Company.

     

    
      
        
        

      

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

     

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

     

    5.3.4 Documents
      to be Delivered by Holder(s).
      Each
      Holder participating in any of the foregoing offerings shall furnish to the
      Company a completed and executed questionnaire provided by the Company
      requesting information customarily sought of selling
      securityholders.

     

    5.3.5 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 and its legal
      counsel, 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, however, shall agree to such
      representation and warranties, covenants and indemnification and contribution
      obligations for selling shareholders 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.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    5.3.6 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 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).

     

    5.3.7 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, 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 $25.00 per whole Unit
      (each Warrant underlying the Units is exercisable for $6.00 per share), upon
      effectiveness of the dividend, this Purchase Option will be adjusted to allow
      for the purchase of one Unit at $25.00 per Unit, each Unit entitling the holder
      to receive four Ordinary Shares and two Warrants (each Warrant exercisable
      for
      $3.00 per share).

     

    6.1.2 Aggregation
      of Shares.
      If
      after the date hereof, 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.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    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 Changes
      in Form of Purchase Option.
      This
      form of Purchase Option need not be changed because of any change pursuant
      to
      this Section, and the 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 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 Shares), 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 or down 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 non-assessable and not subject to preemptive
      rights of any shareholder. 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 non-assessable and not subject to preemptive rights of any shareholder.
      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, (ii) Warrants issuable upon exercise of the Purchase
      Options and (iii) 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 Market, FINRA OTC
      Bulletin Board or any successor trading market) on which the Units, the Ordinary
      Shares or the Warrants may then be listed and/or quoted.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     8. Certain
      Notice Requirements.

     

    8.1 Holder’s
      Right to Receive Notice.
      Nothing
      herein shall be construed as conferring upon the Holders the right to vote
      or
      consent as a shareholder for the election of directors or any other matter,
      or
      as having any rights whatsoever as a shareholder 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
      (15) days prior to the date fixed as a record date or the date of closing the
      transfer books for the determination of the shareholders entitled to such
      dividend, distribution, conversion or exchange of securities or subscription
      rights, or entitled to vote on such proposed dissolution, liquidation, winding
      up or sale. Such notice shall specify such record date or the date of the
      closing of the transfer books, as the case may be. Notwithstanding the
      foregoing, the Company shall deliver to each Holder a copy of each notice given
      to the other shareholders of the Company at the same time and in the same manner
      that such notice is given to the shareholders.

     

    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 Ordinary Shares for the purpose of entitling them to receive
      a dividend or distribution, or (ii) the Company shall offer to all the holders
      of its Ordinary Shares any additional shares of capital stock of the Company
      or
      securities convertible into, exercisable for 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 or a merger of the
      Company wherein the separate existence of the Company shall cease 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 (a “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.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    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, mailed by express mail or private courier service, or sent by
      facsimile transmission, with confirmation of receipt: (i) If to the registered
      Holder of the Purchase Option, to the address and/or fax number of such Holder
      as shown on the books of the Company, or (ii) if to the Company, to the
      following address or fax number or to such other address or and fax number
      as
      the Company may designate by notice to the Holders:

     

    Korea
      Milestone Acquisition Corporation

    SoftForum
      Building

    8th
      Floor

    545-7
      Dogokdong

    Gangnam,
      Seoul, Korea 135-170

    Attn:
      Sang-Chul Kim

     

    9. Miscellaneous.

     

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

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    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, non-compliance or non-fulfillment of any of the
      provisions of this Purchase Option shall be effective unless set forth in a
      written instrument executed by the party or parties against whom or which
      enforcement of such waiver is sought; and no waiver of any such breach,
      non-compliance or non-fulfillment shall be construed or deemed to be a waiver
      of
      any other or subsequent breach, non-compliance or non-fulfillment.

     

    9.7 Execution.
      It is
      agreed that deliver of the Company’s signature hereon by facsimile or other
      electronic method of delivery shall constitute a valid signature and
      delivery.

     

    9.8
       Exchange
      Agreement.
      As a
      condition of the Holder’s receipt and acceptance of this Purchase Option, Holder
      agrees that, at any time prior to the complete exercise of this Purchase Option
      by Holder, if the Company and Broadband enter into an agreement (an
“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.

     

    9.9 Underlying
      Warrants.
      At any
      time after exercise by the Holder of this Purchase Option, the Holder may
      exchange his Warrants for Public Warrants upon payment to the Company of the
      difference between the exercise price of his Warrant and the exercise price
      of
      the Public Warrants, if any.

     

    [Remainder
      of page intentionally left blank]

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

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

    

    
      	 	 	 
	 	KOREA MILESTONE ACQUISITION
              CORPORATION
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name:

            
	 	Title:

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

    Annex
      I

    

    Form
      to
      be used to exercise Purchase Option

    

    KOREA
      MILESTONE ACQUISITION CORPORATION

    _________________________

    _________________________

    

    Date:_________________,
      200__

    

    The
      undersigned hereby elects irrevocably to exercise all or a portion of the within
      Purchase Option and to purchase ____ Units of Korea Milestone 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 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.

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    Annex
      II

    

    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 Korea Milestone Acquisition Corporation (the “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.Unassociated Document

    REGISTRATION
      RIGHTS AGREEMENT

     

    THIS
      REGISTRATION RIGHTS AGREEMENT (this “Agreement”)
      is
      entered into as of [___],
      2008,
      by and among Korea Milestone Acquisition Corporation, a Cayman Islands
      corporation (the “Company”)
      and
      Sang-Chul Kim (“SC
      Kim”),
      Yong
      Hyun Kang (“Kang”),
      Jhong
      Wong Kim (“JW
      Kim”),
      Soo-Hyung Lee (“Lee”),
      and
      Moon Youl Ban (“Ban”)
      (each,
      an “Investor”
and
      collectively, the “Investors”).

     

    WHEREAS,
      SC Kim, Kang, JW Kim, Lee and Ban currently hold all 2,875,000 of the issued
      and
      outstanding Ordinary Shares of the Company (the “Sponsor
      Shares”),
      375,000 of which are subject to forfeiture on a pro rata basis if and to the
      extent the Underwriters’ over-allotment option is not fully exercised;

     

    WHEREAS,
      immediately prior to the pricing of the Company’s initial public offering, the
      Company will issue, pursuant to a binding agreement with SC Kim, an aggregate
      of
      2,307,692 warrants (the “Sponsor
      Warrants”),
      each
      exercisable to purchase one Ordinary Share of the Company (the “Sponsor
      Warrant Shares”);
      

    

    WHEREAS,
      Sang-Chul Kim (or
      his
      affiliate) has agreed to place “good till cancel” limit orders for up to
      5,375,000 (or up to $10,750,000) of the Company’s issued and outstanding
      warrants (the “Aftermarket
      Warrants”)
      during
      the Aftermarket Period (defined below);

    

    WHEREAS,
      the Investors and the Company desire to enter into this Agreement to provide
      the
      Investors with certain rights relating to the Registration of (i) the Sponsor
      Shares, (ii) the Sponsor Warrants, (iii) the Sponsor Warrant Shares and (iv)
      the
      Aftermarket Warrants.

    

    NOW,
      THEREFORE, in consideration of the mutual covenants and agreements set forth
      herein, and for other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, the parties hereto agree as
      follows:

     

    1.
      DEFINITIONS.
      The
      following capitalized terms used herein have the following
      meanings:

     

    “Agreement”
means
      this Agreement, as amended, restated, supplemented, or otherwise modified from
      time to time.

     

    “Aftermarket
      Period”
means,
      in relation to the Aftermarket Warrants, the period commencing on the later
      of
      (1) the completion of the initial public offering, and (2) 60 days after the
      termination of the “restricted period” in connection with the Company’s initial
      public offering under Regulation M of the Exchange Act, and ending one year
      following the consummation of the initial public offering. 

     

    “Aftermarket
      Warrants”
is
      defined in the recitals to this Agreement.

     

    “Commission”
means
      the Securities and Exchange Commission, or any other federal agency then
      administering the Securities Act or the Exchange Act.

     

    “Company”
is
      defined in the preamble to this Agreement.

     

    “Demand
      Registration”
is
      defined in Section 2.1.1.

     

    “Demanding
      Holder”
is
      defined in Section 2.1.1.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Escrow
      Agreement”
means
      that certain Escrow Agreement, dated as of [__],
      2008,
      by and among the parties hereto and Continental Stock Transfer & Trust
      Company.

     

    “Exchange
      Act”
means
      the Securities Exchange Act of 1934, as amended, and the rules and regulations
      of the Commission promulgated thereunder, all as the same shall be in effect
      at
      the time.

     

    “Form
      F-3”
is
      defined in Section 2.3.

     

    “Indemnified
      Party”
is
      defined in Section 4.3.

     

    “Indemnifying
      Party”
is
      defined in Section 4.3.

     

    “Investor”
is
      defined in the preamble to this Agreement.

     

    “Investor
      Indemnified Party”
is
      defined in Section 4.1.

     

    “Maximum
      Threshold”
is
      defined in Section 2.1.4.

     

    “Notices”
is
      defined in Section 6.3.

     

    “Ordinary
      Shares”
means
      the ordinary shares, par value $0.0001 per share, of the Company.

     

    “Piggy-Back
      Registration”
is
      defined in Section 2.2.1.

     

    “Register,”
      “Registered”
      and
“Registration”
mean
      a
      registration effected by preparing and filing a registration statement or
      similar document in compliance with the requirements of the Securities Act,
      and
      the applicable rules and regulations promulgated thereunder, and such
      registration statement becoming effective.

     

    “Registrable
      Securities”
mean
      all of (i) the Sponsor Shares, (ii) the Sponsor Warrants, (iii) the Sponsor
      Warrant Shares, and (iv) the Aftermarket Warrants, and any securities of the
      Company issued as a dividend or other distribution with respect to or in
      exchange for or in replacement of such Registrable Securities. As to any
      particular Registrable Securities, such securities shall cease to be Registrable
      Securities when: (a) a Registration Statement with respect to the sale of such
      securities shall have become effective under the Securities Act and such
      securities shall have been sold, transferred, disposed of or exchanged in
      accordance with such Registration Statement; (b) such securities shall have
      been
      otherwise transferred, new certificates for them not bearing a legend
      restricting further transfer shall have been delivered by the Company and
      subsequent public distribution of them shall not require registration under
      the
      Securities Act; (c) such securities shall have ceased to be outstanding, or
      (d)
      the Registrable Securities are saleable under Rule 144.

     

    “Registration
      Statement”
means
      a
      registration statement filed by the Company with the Commission in compliance
      with the Securities Act and the rules and regulations promulgated thereunder
      for
      a public offering and sale of Registrable Securities (other than a registration
      statement on Form F-4 or Form S-8, or their successors, or any registration
      statement covering only securities proposed to be issued in exchange for
      securities or assets of another entity).

     

    “Release
      Date”
means
      the respective dates on which the Sponsor Shares and the Sponsor Warrants are
      disbursed from escrow pursuant to Section 3 of the Escrow Agreement.

     

    
      
        
        

      

      
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    “Securities
      Act”
means
      the Securities Act of 1933, as amended, and the rules and regulations of the
      Commission promulgated thereunder, all as the same shall be in effect at the
      time.

     

    “Sponsor
      Shares”
is
      defined in the recitals to this Agreement.

     

    “Sponsor
      Warrants”
is
      defined in the recitals to this Agreement.

     

    “Sponsor
      Warrant Shares”
is
      defined in the recitals to this Agreement.

     

    “Warrant
      Agreement”
means
      that certain Warrant Agreement, dated as of [•],
      2008,
      by and between the Company and Continental Stock Transfer & Trust
      Company.

     

    “Underwriter”
means
      a
      securities dealer who purchases any Registrable Securities as principal in
      an
      underwritten offering and not as part of such dealer’s market-making
      activities.

     

    2.
      REGISTRATION RIGHTS.

     

    2.1.
      Demand Registration.

     

    2.1.1.
      Request for Registration.
      At any
      time and from time to time on or after the applicable Release Date, the holders
      of a majority-in-interest of such Registrable Securities, on an as-converted
      Ordinary Shares basis, as have been released from escrow pursuant to the Escrow
      Agreement and held by an Investor or its permitted transferees may make a
      written demand for Registration under the Securities Act of all or part of
      their
      Registrable Securities (a “Demand
      Registration”). Any
      demand for a Demand Registration shall specify the number and type of
      Registrable Securities proposed to be sold and the intended method(s) of
      distribution thereof. The Company will notify all holders of Registrable
      Securities of the demand, and 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 receipt by the Company of any such notice,
      the Demanding Holders shall be entitled to have their Registrable Securities
      included in the Demand Registration, subject to Section 2.1.4 and the provisos
      set forth in Section 3.1.1. The Company shall not be obligated to effect more
      than an aggregate of three (3) Demand Registrations under this Section 2.1.1
      in
      respect of all Registrable Securities.

     

    2.1.2.
      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; provided,
      further,
      that
      the Company shall not be obligated to file an additional Registration Statement
      until a Registration Statement that has been filed is counted as a Demand
      Registration or is terminated.

     

    2.1.3.
      Underwritten Offering.
      If a
      majority-in-interest of the Demanding Holders so elect and such holders so
      advise the Company as part of their written demand for a Demand Registration,
      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 (or the representatives
      thereof) selected for such underwriting by a majority-in-interest of the holders
      initiating the Demand Registration.

     

    
      
        
        

      

      
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    2.1.4.
      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 that the
      Demanding Holders desire to sell, taken together with all other Ordinary Shares
      or other securities that the Company desires in any material respect 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
      shareholders 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 securities, as applicable, the “Maximum
      Threshold”),
      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 (including Sponsor
      Shares and Sponsor Warrants, on an as-converted to Ordinary Shares basis) 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 Threshold; (ii) second, to the extent
      that the Maximum Threshold 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 Threshold; (iii) third, to the extent
      that the Maximum Threshold has not been reached under the foregoing clauses
      (i)
      and (ii) collectively, 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 Threshold.

     

    2.1.5.
      Withdrawal.
      If a
      majority-in-interest of the Demanding Holders, on an as-converted to Ordinary
      Shares basis, 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, on an
      as-converted to Ordinary Shares basis, withdraws from a proposed offering
      relating to a Demand Registration, then such Registration shall not count as
      a
      Demand Registration provided for in Section 2.1.

     

    2.2
      Piggy-Back Registration.

     

    2.2.1.
      Piggy-Back Rights.
      If at
      any time on or after the Release Date, as applicable, the Company proposes
      to
      file a Registration Statement under the Securities 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 shareholders of the Company for their account (or by the
      Company and by shareholders of the Company including, without limitation,
      pursuant to Section 2.1), 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
      shareholders or debt holders, (iii) for an offering of debt that is convertible
      into equity securities of the Company, (iv) for a dividend reinvestment plan,
      or
      (v) for the acquisition or purchase by or combination by merger or otherwise
      of
      the Company of, with or into another company or business entity or partnership,
      then the Company shall (x) give written notice of such proposed filing to the
      holders of Registrable Securities at least ten (10) days before the anticipated
      date on which the preliminary prospectus will be printed, 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 and type of Registrable Securities as have been released
      from escrow under the Escrow Agreement and requested by such holders 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 reasonable 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 (or the representatives thereof) selected for such Piggy-Back
      Registration.

     

    
      
        
        

      

      
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    2.2.2.
      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 or amount of securities
      that the Company desires to sell, taken together with Ordinary Shares or other
      securities, 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 2.2, and the securities,
      if
      any, as to which Registration has been requested pursuant to the written
      contractual piggy-back registration rights of other shareholders of the Company,
      exceeds the Maximum Threshold, then the Company shall include in any such
      Registration:

     

    i)
      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 Threshold; (b) second, to the extent that the
      Maximum Threshold has not been reached under the foregoing clause (a), the
      Ordinary Shares or other securities, if any, comprised of Registrable
      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 Threshold;
      and
      (c) third, to the extent that the Maximum Threshold 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 Threshold; 

     

    ii)
      If
      the Registration is a “demand” Registration undertaken at the demand of persons
      other than the holders of Registrable Securities, (a) first, the Ordinary Shares
      or other securities for the account of the demanding persons that can be sold
      without exceeding the Maximum Threshold; (b) second, to the extent that the
      Maximum Threshold 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 Threshold; (c) third, to the extent that
      the
      Maximum Threshold has not been reached under the foregoing clauses (a) and
      (b),
      collectively the Ordinary Shares or other securities comprised (on an
      as-converted to Ordinary Shares basis) 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 Threshold; and (d) fourth, to the extent
      that the Maximum Threshold has not been reached under the foregoing clauses
      (a),
      (b) and (c), the Ordinary Shares or other securities (on an as-converted to
      Ordinary Shares basis) 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 Threshold.

     

    
      
        
        

      

      
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    2.2.3.
      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 3.3.

     

    2.3.
      Registrations on Form F-3.
      The
      holders of Registrable Securities that have been released from escrow under
      the
      Escrow Agreement may at any time after the date the Company consummates a
      business combination, request in writing that the Company register the resale
      of
      any or all of such Registrable Securities on Form F-3 or any similar short-form
      Registration that may be available at such time (“Form
      F-3”);
      provided,
      however,
      that
      the Company shall not be obligated to effect such request through an
      underwritten offering (other than pursuant to Section 2.1). Upon receipt of
      such
      written request, the Company will promptly give written notice of the proposed
      Registration to all other holders of Registrable Securities, and, as soon as
      practicable thereafter, effect the Registration of all or such portion of such
      holder’s or holders’ Registrable Securities as are specified in such request,
      together with all or such portion of the Registrable Securities or other
      securities of the Company, if any, of any other holder or holders joining in
      such request as are specified in a written request given within fifteen (15)
      days after receipt of such written notice from the Company; provided further,
      that
      the Company shall not be obligated to effect any such Registration pursuant
      to
      this Section 2.3 (i) if Form F-3 is not available for such offering; or (ii)
      if
      the holders of the Registrable Securities, together with the holders of any
      other securities of the Company entitled to inclusion in such Registration,
      propose to sell Registrable Securities and such other securities (if any) at
      any
      aggregate price to the public of less than $500,000. Registrations effected
      pursuant to this Section 2.3 shall not be counted as Demand Registrations
      effected pursuant to Section 2.1.

     

    3.
      REGISTRATION PROCEDURES.

     

    3.1.
      Filings; Information.
      Whenever the Company is required to effect the Registration of any Registrable
      Securities pursuant to Section 2, the Company shall use its best efforts to
      effect the Registration and sale of such Registrable Securities in accordance
      with the intended method(s) of distribution thereof as expeditiously as
      practicable, and in connection with any such request:

     

    3.1.1.
      Filing Registration Statement.
      The
      Company shall, within ninety (90) days after receipt of a request for a Demand
      Registration pursuant to Section 2.1, prepare and file with the Commission
      a
      Registration Statement on any form for which the Company then qualifies or
      which
      counsel for the Company shall deem appropriate and which form shall be available
      for the sale of all Registrable Securities to be registered thereunder in
      accordance with the intended method(s) of distribution thereof, and shall use
      its best efforts to cause such Registration Statement to become effective and
      use its best efforts to keep it effective for the period required by Section
      3.1.3; provided,
      however,
      that
      the Company shall have the right to defer any Demand Registration for up to
      thirty (30) days, and any Piggy-Back Registration for such period as may be
      applicable to deferment of any demand Registration to which such Piggy-Back
      Registration relates, in each case if the Company shall furnish to the holders
      a
      certificate signed by a Chief Executive Officer of the Company stating that,
      in
      the good faith judgment of the board of directors of the Company, it would
      be
      materially detrimental to the Company and its shareholders for such Registration
      Statement to be effected at such time; provided further,
      however,
      that
      the Company shall not have the right to exercise the right set forth in the
      immediately preceding proviso more than once in any 365-day period in respect
      of
      a Demand Registration hereunder.

     

    
      
        
        

      

      
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    3.1.2.
      Copies.
      The
      Company shall, prior to filing a Registration Statement or prospectus, or any
      amendment or supplement thereto, furnish without charge to the holders of
      Registrable Securities included in such Registration, and such holders’ legal
      counsel, copies of such Registration Statement as proposed to be filed, each
      amendment and supplement to such Registration Statement (in each case including
      all exhibits thereto and documents incorporated by reference therein), the
      prospectus included in such Registration Statement (including each preliminary
      prospectus), and such other documents as the holders of Registrable Securities
      included in such Registration or legal counsel for any such holders may request
      in order to facilitate the disposition of the Registrable Securities owned
      by
      such holders.

     

    3.1.3.
      Amendments and Supplements.
      The
      Company shall prepare and file with the Commission such amendments, including
      post-effective amendments, and supplements to such Registration Statement and
      the prospectus used in connection therewith as may be necessary to keep such
      Registration Statement effective and in compliance with the provisions of the
      Securities Act until all Registrable Securities and other securities covered
      by
      such Registration Statement have been disposed of in accordance with the
      intended method(s) of distribution set forth in such Registration Statement
      (which period shall not exceed the sum of one hundred eighty (180) days plus
      any
      period during which any such disposition is interfered with by any stop order
      or
      injunction of the Commission or any governmental agency or court) or such
      securities have been withdrawn.

     

    3.1.4.
      Notification.
      After
      the filing of a Registration Statement, the Company shall promptly, and in
      no
      event more than two (2) business days after such filing, notify the holders
      of
      Registrable Securities included in such Registration Statement of such filing,
      and shall further notify such holders promptly and confirm such advice in
      writing in all events within two (2) business days of the occurrence of any
      of
      the following: (i) when such Registration Statement becomes effective; (ii)
      when
      any post-effective amendment to such Registration Statement becomes effective;
      (iii) the issuance or threatened issuance by the Commission of any stop order
      (and the Company shall take all actions required to prevent the entry of such
      stop order or to remove it if entered); or (iv) any request by the Commission
      for any amendment or supplement to such Registration Statement or any prospectus
      relating thereto, or for additional information, or of the occurrence of an
      event requiring the preparation of a supplement or amendment to such prospectus
      so that, as thereafter delivered to the purchasers of the securities covered
      by
      such Registration Statement, such prospectus will not contain an untrue
      statement of a material fact or fail to state any material fact required to
      be
      stated therein or necessary to make the statements therein not misleading,
      and
      promptly make available to the holders of Registrable Securities included in
      such Registration Statement any such supplement or amendment; except that before
      filing with the Commission a Registration Statement or prospectus or any
      amendment or supplement thereto, including documents incorporated by reference,
      the Company shall furnish to the holders of Registrable Securities included
      in
      such Registration Statement and to the legal counsel for any such holders,
      copies of all such documents proposed to be filed sufficiently in advance of
      filing to provide such holders and legal counsel with a reasonable opportunity
      to review such documents and comment thereon, and the Company shall not file
      any
      Registration Statement or prospectus or amendment or supplement thereto,
      including documents incorporated by reference, to which such holders or their
      legal counsel shall reasonably object.

     

    
      
        
        

      

      
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    3.1.5.
      State Securities Laws Compliance.
      The
      Company shall use its best efforts to (i) register or qualify the Registrable
      Securities covered by the Registration Statement under such securities or “blue
      sky” laws of such jurisdictions in the United States as the holders of
      Registrable Securities included in such Registration Statement (in light of
      their intended plan of distribution) may request, and (ii) take such action
      necessary to cause such Registrable Securities covered by the Registration
      Statement to be registered with or approved by such other Governmental
      Authorities as may be necessary by virtue of the business and operations of
      the
      Company and do any and all other acts and things that may be necessary or
      advisable to enable the holders of Registrable Securities included in such
      Registration Statement to consummate the disposition of such Registrable
      Securities in such jurisdictions; provided,
      however,
      that
      the Company shall not be required to qualify generally to do business in any
      jurisdiction where it would not otherwise be required to qualify but for this
      paragraph or subject itself to taxation in any such jurisdiction.

     

    3.1.6
      Agreements for Disposition.
      The
      Company shall enter into customary agreements (including, if applicable, an
      underwriting agreement in customary form) and take such other actions as are
      reasonably required in order to expedite or facilitate the disposition of such
      Registrable Securities. The representations, warranties and covenants of the
      Company in any underwriting agreement which are made to or for the benefit
      of
      any Underwriters, to the extent applicable, shall also be made to and for the
      benefit of the holders of Registrable Securities included in such Registration
      Statement. No holder of Registrable Securities included in such Registration
      Statement shall be required to make any representations or warranties in the
      underwriting agreement except, if applicable, with respect to such holder’s
      organization, good standing, authority, title to Registrable Securities, lack
      of
      conflict of such sale with such holder’s material agreements and organizational
      documents, and with respect to written information relating to such holder
      that
      such holder has furnished in writing expressly for inclusion in such
      Registration Statement. Holders of Registrable Securities shall agree to such
      covenants and indemnification and contribution obligations for selling
      shareholders as are customarily contained in agreements of that type. Further,
      such holders shall cooperate fully in the preparation of the Registration
      Statement and other documents relating to any offering in which they include
      securities pursuant to Section 2 hereof. Each holder shall also furnish to
      the
      Company such information regarding itself, the Registrable Securities held
      by
      such holder and the intended method of disposition of such securities as shall
      be reasonably required to effect the registration of the Registrable
      Securities

     

    3.1.7.
      Cooperation.
      The
      principal executive officer of the Company, the principal financial officer
      of
      the Company, the principal accounting officer of the Company and all other
      officers and members of the management of the Company shall cooperate fully
      in
      any offering of Registrable Securities hereunder, which cooperation shall
      include, without limitation, the preparation of the Registration Statement
      with
      respect to such offering and all other offering materials and related documents
      (including road show materials), and participation in meetings with
      Underwriters, attorneys, accountants and potential investors.

     

    3.1.8.
      Records.
      The
      Company shall make available for inspection by the holders of Registrable
      Securities included in such Registration Statement, any Underwriter
      participating in any disposition pursuant to such Registration Statement and
      any
      attorney, accountant or other professional retained by any holder of Registrable
      Securities included in such Registration Statement or any Underwriter, all
      financial and other records, pertinent corporate documents and properties of
      the
      Company, as shall be necessary to enable them to exercise their due diligence
      responsibility, and cause the Company’s officers, directors and employees to
      supply all information requested by any of them in connection with such
      Registration Statement.

     

    
      
        
        

      

      
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    3.1.9.
      Opinions and Comfort Letters.
      The
      Company shall furnish to each holder of Registrable Securities included in
      any
      Registration Statement a signed counterpart, addressed to such holder, of (i)
      any opinion of counsel to the Company delivered to any Underwriter, and (ii)
      any
      comfort letter from the Company’s independent public accountants delivered to
      any Underwriter. In the event no legal opinion is delivered to any Underwriter,
      the Company shall furnish to each holder of Registrable Securities included
      in
      such Registration Statement, at any time that such holder elects to use a
      prospectus, an opinion of counsel to the Company (which may be based solely
      on
      the oral advice of the Commission staff) to the effect that the Registration
      Statement containing such prospectus has been declared effective and that no
      stop order is in effect.

     

    3.1.10.
      Earnings Statement.
      The
      Company shall comply with all applicable rules and regulations of the Commission
      and the Securities Act, and make available to its shareholders, as soon as
      practicable, an earnings statement covering a period of twelve (12) months,
      beginning within three (3) months after the effective date of the Registration
      Statement, which earnings statement shall satisfy the provisions of Section
      11(a) of the Securities Act and Rule 158 thereunder.

     

    3.1.11.
      Listing.
      The
      Company shall use its best efforts to cause all Registrable Securities included
      in any Registration to be listed on such exchanges or otherwise designated
      for
      trading in the same manner as similar securities issued by the Company are
      then
      listed or designated or, if no such similar securities are then listed or
      designated, in a manner satisfactory to the holders of a majority of the
      Registrable Securities included in such Registration.

     

    3.2.
      Obligation to Suspend Distribution.
      Upon
      receipt of any notice from the Company of the happening of any event of the
      kind
      described in Section 3.1.4(iv), or, in the case of a resale Registration on
      Form
      F-3 pursuant to Section 2.3 hereof, upon any suspension by the Company, pursuant
      to a written insider trading compliance program adopted by the Company’s board
      of directors, of the ability of all “insiders” covered by such program to
      transact in the Company’s securities because of the existence of material
      non-public information, each holder of Registrable Securities included in any
      Registration shall immediately discontinue disposition of such Registrable
      Securities pursuant to the Registration Statement covering such Registrable
      Securities until such holder receives the supplemented or amended prospectus
      contemplated by Section 3.1.4(iv) or the restriction on the ability of
“insiders” to transact in the Company’s securities is removed, as applicable,
      and, if so directed by the Company, each such holder will deliver to the Company
      all copies, other than permanent file copies then in such holder’s possession,
      of the most recent prospectus covering such Registrable Securities at the time
      of receipt of such notice.

     

    3.3.
      Registration Expenses.
      The
      Company shall bear all costs and expenses incurred in connection with any Demand
      Registration pursuant to Section 2.1, any Piggy-Back Registration pursuant
      to
      Section 2.2, and any Registration on Form F-3 effected pursuant to Section
      2.3,
      and all expenses incurred in performing or complying with its other obligations
      under this Agreement, whether or not the Registration Statement becomes
      effective, including, without limitation: (i) all registration and filing fees;
      (ii) fees and expenses of compliance with securities or “blue sky” laws
      (including fees and disbursements of counsel in connection with blue sky
      qualifications of the Registrable Securities); (iii) printing expenses; (iv)
      the
      Company’s internal expenses (including, without limitation, all salaries and
      expenses of its officers and employees); (v) the fees and expenses incurred
      in
      connection with the listing of the Registrable Securities as required by Section
      3.1.11; (vi) Financial Industry Regulatory Authority, Inc. fees; (vii) fees
      and
      disbursements of counsel for the Company and fees and expenses for independent
      certified public accountants retained by the Company (including the expenses
      or
      costs associated with the delivery of any opinions or comfort letters requested
      pursuant to Section 3.1.9); (viii) the fees and expenses of any special experts
      retained by the Company in connection with such Registration and (ix) the fees
      and expenses of one legal counsel selected by the holders of a
      majority-in-interest (on an as-converted to Ordinary Shares basis) of the
      Registrable Securities included in such Registration. The Company shall have
      no
      obligation to pay any underwriting discounts or selling commissions attributable
      to the Registrable Securities being sold by the holders thereof, which
      underwriting discounts or selling commissions shall be borne by such holders.
      Additionally, in an underwritten offering, all selling shareholders and the
      Company shall bear the expenses of the underwriter pro rata in proportion to
      the
      respective amount of shares each is selling in such offering.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    3.4.
      Information.
      The
      holders of Registrable Securities shall provide such information as may
      reasonably be requested by the Company, or the managing Underwriter, if any,
      in
      connection with the preparation of any Registration Statement, including
      amendments and supplements thereto, in order to effect the Registration of
      any
      Registrable Securities under the Securities Act pursuant to Section 2 and in
      connection with the Company’s obligation to comply with federal and applicable
      state securities laws and applicable rules and regulations of governing
      agencies.

     

    3.5. Holder
      Obligations.
      No
      holder of Registrable Securities may participate in any underwritten offering
      pursuant to this Section 3 unless such holder (i) agrees to sell only such
      holder’s Registrable Securities on the basis reasonably provided in any
      underwriting agreement, and (ii) completes, executes and delivers any and all
      questionnaires, powers of attorney, custody agreements, indemnities,
      underwriting agreements and other documents reasonably required by or under
      the
      terms of any underwriting agreement or as reasonably requested by the
      Company.

    

    4.
      INDEMNIFICATION AND CONTRIBUTION.

     

    4.1.
      Indemnification by the Company.
      The
      Company agrees to indemnify and hold harmless each of the Investors and each
      other holder of Registrable Securities, and each of their respective officers,
      employees, affiliates, directors, partners, members, attorneys and agents,
      and
      each person, if any, who controls an Investor and each other holder of
      Registrable Securities (within the meaning of Section 15 of the Securities
      Act
      or Section 20 of the Exchange Act) (each, an “Investor
      Indemnified Party”),
      from
      and against any expenses, losses, judgments, claims, damages or liabilities,
      whether joint or several, arising out of or based upon any untrue statement
      (or
      allegedly untrue statement) of a material fact contained in any Registration
      Statement under which the sale of such Registrable Securities was registered
      under the Securities Act, any preliminary prospectus, final prospectus or
      summary prospectus contained in the Registration Statement, or any amendment
      or
      supplement to such Registration Statement, or arising out of or based upon
      any
      omission (or alleged omission) to state a material fact required to be stated
      therein or necessary to make the statements therein not misleading, or any
      violation by the Company of the Securities Act or any rule or regulation
      promulgated thereunder applicable to the Company and relating to action or
      inaction required of the Company in connection with any such Registration;
      and
      the Company shall promptly reimburse the Investor Indemnified Party for any
      legal and any other expenses reasonably incurred by such Investor Indemnified
      Party in connection with investigating and defending any such expense, loss,
      judgment, claim, damage, liability or action; provided,
      however,
      that
      the Company will not be liable in any such case to the extent that any such
      expense, loss, claim, damage or liability arises out of or is based upon any
      untrue statement or allegedly untrue statement or omission or alleged omission
      made in such Registration Statement, preliminary prospectus, final prospectus,
      or summary prospectus, or any such amendment or supplement, in reliance upon
      and
      in conformity with information furnished to the Company, in writing, by such
      selling holder expressly for use therein. The Company also shall indemnify
      any
      Underwriter of the Registrable Securities, their officers, affiliates,
      directors, partners, members and agents and each person who controls such
      Underwriter on substantially the same basis as that of the indemnification
      provided above in this Section 4.1, as may be reasonably required by such
      Underwriter.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    4.2.
      Indemnification by Holders of Registrable Securities.
      Each
      selling holder of Registrable Securities will, in the event that any
      Registration is being effected under the Securities Act pursuant to this
      Agreement of any Registrable Securities held by such selling holder, indemnify
      and hold harmless the Company, each of its directors and officers and each
      underwriter (if any), and each other selling holder and each other person,
      if
      any, who controls another selling holder or such underwriter within the meaning
      of the Securities Act, against any expenses, losses, claims, judgments, damages
      or liabilities, whether joint or several, insofar as such expenses, losses,
      claims, judgments, damages or liabilities (or actions in respect thereof) arise
      out of or are based upon any untrue statement or allegedly untrue statement
      of a
      material fact contained in any Registration Statement under which the sale
      of
      such Registrable Securities was registered under the Securities Act, any
      preliminary prospectus, final prospectus or summary prospectus contained in
      the
      Registration Statement, or any amendment or supplement to the Registration
      Statement, or arise out of or are based upon any omission or the alleged
      omission to state a material fact required to be stated therein or necessary
      to
      make the statement therein not misleading, if the statement or omission was
      made
      in reliance upon and in conformity with information furnished in writing to
      the
      Company by such selling holder expressly for use therein, and shall reimburse
      the Company, its directors and officers, and each other selling holder or
      controlling person for any legal or other expenses reasonably incurred by any
      of
      them in connection with investigation or defending any such expense, loss,
      claim, damage, liability or action. Each selling holder’s indemnification
      obligations hereunder shall be several and not joint and shall be limited to
      the
      amount of any net proceeds actually received by such selling
      holder.

     

    4.3.
      Conduct of Indemnification Proceedings.
      Promptly after receipt by any person of any notice of any loss, claim, damage
      or
      liability or any action in respect of which indemnity may be sought pursuant
      to
      Section 4.1 or 4.2, such person (the “Indemnified
      Party”)
      shall,
      if a claim in respect thereof is to be made against any other person for
      indemnification hereunder, notify such other person (the “Indemnifying
      Party”)
      in
      writing of the loss, claim, judgment, damage, liability or action; provided,
      however,
      that
      the failure by the Indemnified Party to notify the Indemnifying Party shall
      not
      relieve the Indemnifying Party from any liability that the Indemnifying Party
      may have to such Indemnified Party hereunder, except and solely to the extent
      the Indemnifying Party is actually prejudiced by such failure. If the
      Indemnified Party is seeking indemnification with respect to any claim or action
      brought against the Indemnified Party, then the Indemnifying Party shall be
      entitled to participate in such claim or action, and, to the extent that it
      wishes, jointly with all other Indemnifying Parties, to assume control of the
      defense thereof with counsel satisfactory to the Indemnified Party. After notice
      from the Indemnifying Party to the Indemnified Party of its election to assume
      control of the defense of such claim or action, the Indemnifying Party shall
      not
      be liable to the Indemnified Party for any legal or other expenses subsequently
      incurred by the Indemnified Party in connection with the defense thereof other
      than reasonable costs of investigation; provided,
      however,
      that in
      any action in which both the Indemnified Party and the Indemnifying Party are
      named as defendants, the Indemnified Party shall have the right to employ
      separate counsel (but no more than one such separate counsel) to represent
      the
      Indemnified Party and its controlling persons who may be subject to liability
      arising out of any claim in respect of which indemnity may be sought by the
      Indemnified Party against the Indemnifying Party, with the fees and expenses
      of
      such counsel to be paid by such Indemnifying Party if, based upon the written
      opinion of counsel of such Indemnified Party, representation of both parties
      by
      the same counsel would be inappropriate due to actual or potential differing
      interests between them. No Indemnifying Party shall, without the prior written
      consent of the Indemnified Party, consent to entry of judgment or effect any
      settlement of any claim or pending or threatened proceeding in respect of which
      the Indemnified Party is or could have been a party and indemnity could have
      been sought hereunder by such Indemnified Party, unless such judgment or
      settlement includes an unconditional release of such Indemnified Party from
      all
      liability arising out of such claim or proceeding.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    

    4.4.
      Contribution.

     

    4.4.1.
      If
      the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3
      is
      unavailable to any Indemnified Party in respect of any loss, claim, damage,
      liability or action referred to herein, then each such Indemnifying Party,
      in
      lieu of indemnifying such Indemnified Party, shall contribute to the amount
      paid
      or payable by such Indemnified Party as a result of such loss, claim, damage,
      liability or action in such proportion as is appropriate to reflect the relative
      fault of the Indemnified Parties and the Indemnifying Parties in connection
      with
      the actions or omissions which resulted in such loss, claim, damage, liability
      or action, as well as any other relevant equitable considerations. The relative
      fault of any Indemnified Party and any Indemnifying Party shall be determined
      by
      reference to, among other things, whether the untrue or alleged untrue statement
      of a material fact or the omission or alleged omission to state a material
      fact
      relates to information supplied by such Indemnified Party or such Indemnifying
      Party and the parties’ relative intent, knowledge, access to information and
      opportunity to correct or prevent such statement or omission.

     

    4.4.2.
      The parties hereto agree that it would not be just and equitable if contribution
      pursuant to this Section 4.4 were determined by pro rata allocation or by any
      other method of allocation that does not take account of the equitable
      considerations referred to in the immediately preceding Section
      4.4.1.

     

    4.4.3.
      The amount paid or payable by an Indemnified Party as a result of any loss,
      claim, damage, liability or action referred to in the immediately preceding
      paragraph shall be deemed to include, subject to the limitations set forth
      above, any legal or other expenses incurred by such Indemnified Party in
      connection with investigating or defending any such action or claim.
      Notwithstanding the provisions of this Section 4.4, no holder of Registrable
      Securities shall be required to contribute any amount in excess of the dollar
      amount of the net proceeds (after payment of any underwriting fees, discounts,
      commissions or taxes) actually received by such holder from the sale of
      Registrable Securities which gave rise to such contribution obligation. No
      person guilty of fraudulent misrepresentation (within the meaning of Section
      11(f) of the Securities Act) shall be entitled to contribution from any person
      who was not guilty of such fraudulent misrepresentation.

     

    5.
      UNDERWRITING AND DISTRIBUTION.

     

    5.1.
      Rule 144.
      The
      Company covenants that it shall file any reports required to be filed by it
      under the Securities Act and the Exchange Act and shall take such further action
      as the holders of Registrable Securities may reasonably request, all to the
      extent required from time to time to enable such holders to sell Registrable
      Securities without Registration under the Securities Act within the limitation
      of the exemptions provided by Rule 144 under the Securities Act, as such Rules
      may be amended from time to time, or any similar Rule or regulation hereafter
      adopted by the Commission.

     

    6.
      MISCELLANEOUS.

     

    6.1.
      Other Registration Rights.
      Except
      as set forth in the Warrant Agreement, the Company represents and warrants
      that
      no person, other than a holder of the Registrable Securities, has any right
      to
      require the Company to register any shares of the Company’s capital stock for
      sale or to include shares of the Company’s capital stock in any Registration
      filed by the Company for the sale of shares of capital stock for its own account
      or for the account of any other person.

     

    6.2.
      Waiver of Claims against Trust Account.
      Notwithstanding any other provision of this Agreement, each of the Investors
      confirms its understanding that the Company has established a Trust Account
      relating to the Units being sold in the Company’s initial public offering. Each
      Investor acknowledges that the Trust Account will exist for the benefit of
      the
      Company’s public shareholders and the monies from the Trust Account may only be
      disbursed upon the occurrence of certain events, as more fully described in
      the
      prospectus relating to the Units. Each Investor agrees that neither it nor
      any
      of its affiliates (with the exception of the Company, to the extent it is an
      affiliate) have or will have any right, title, interest or claim in or to the
      monies in the Trust Account, and each Investor hereby waives any and all right,
      title, interest of claim of any kind in or to any distribution of any property
      held in the Trust Account that it or its respective affiliates (with the
      exception of the Company, to the extent it is an affiliate) may have now or
      in
      the future and hereby agrees not to seek recourse, reimbursement, payment or
      satisfaction for any claim of any kind against the Trust Account in respect
      of
      the Company’s indemnification obligations set forth in this
      Agreement.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    6.3.
      Assignment; Third Party Beneficiaries.
      This
      Agreement and the rights, duties and obligations of the Company hereunder may
      not be assigned or delegated by the Company in whole or in part. This Agreement
      and the rights, duties and obligations of the holders of Registrable Securities
      hereunder may be, and shall be deemed to be, freely assigned or delegated by
      such holder of Registrable Securities in conjunction with and to the extent
      of
      any permitted transfer of Registrable Securities by any such holder. This
      Agreement and the provisions hereof shall be binding upon and shall inure to
      the
      benefit of each of the parties, to the Representative and its successors and
      the
      permitted assigns of each Investor or holder of Registrable Securities or of
      any
      respective assignee of the Investors or holder of Registrable Securities. This
      Agreement is not intended to confer any rights or benefits on any persons that
      are not party hereto other than as expressly set forth in Article 4 and this
      Section 6.3. Notwithstanding the foregoing, the Representative, on behalf of
      itself and the other Underwriters of the Company’s initial public offering,
      shall be deemed to be an intended third party beneficiary of this Agreement.
      

     

    6.4.
      Notices.
      All
      notices, demands, requests, consents, approvals or other communications
      (collectively, “Notices”)
      required or permitted to be given hereunder or which are given with respect
      to
      this Agreement shall be in writing and shall be personally served, delivered
      by
      reputable air courier service with charges prepaid, or transmitted by hand
      delivery, telex or facsimile, addressed as set forth below, or to such other
      address as such party shall have specified most recently by written notice.
      Notice shall be deemed given on the date of service or transmission if
      personally served or transmitted by telex or facsimile; provided, that if such
      service or transmission is not on a business day or is after normal business
      hours, then such notice shall be deemed given on the next business day. Notice
      otherwise sent as provided herein shall be deemed given on the next business
      day
      following timely delivery of such notice to a reputable air courier service
      with
      an order for next-day delivery.

     

    To
      the
      Company:

     

    Korea
      Milestone Acquisition Corporation

    SoftForum
      Building

    8th
      Floor

    545-7
      Dogokdong

    Gangnam,
      Seoul, Korea 135-170

    Attn:
      Sang-Chul Kim, Chairman and Chief Executive Officer

    

    with
      a
      copy to:

    

    Broadband
      Capital Management, LLC

    712
      Fifth
      Avenue, 49th Floor

    New
      York,
      NY 10019

    Fax
      No.:
      (212) 702-9830

    Attention:
      Corby Hocker

    To
      the
      Investors, to
      the
      address for such Investor on file with the Company at such time.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    and
      to:

    

    Mintz
      Levin Cohn Ferris Glovsky and Popeo, PC

    666
      Third
      Avenue 

    New
      York,
      New York 10174

    Attn: Kenneth
      R. Koch, Esq.

    

    and:

    

    Ellenoff
      Grossman & Schole LLP

    150
      East
      42nd Street, 11th floor

    New
      York,
      NY 10017

    Attn:
      Douglas S. Ellenoff, Esq.

    

    

    6.5.
      Severability.
      This
      Agreement shall be deemed severable, and the invalidity or unenforceability
      of
      any term or provision hereof shall not affect the validity or enforceability
      of
      this Agreement or of any other term or provision hereof. Furthermore, in lieu
      of
      any such invalid or unenforceable term or provision, the parties hereto intend
      that there shall be added as a part of this Agreement a provision as similar
      in
      terms to such invalid or unenforceable provision as may be possible that is
      valid and enforceable.

     

    6.6.
      Counterparts.
      This
      Agreement may be executed in multiple counterparts, each of which shall be
      deemed an original, and all of which taken together shall constitute one and
      the
      same instrument.

     

    6.7.
      Entire Agreement.
      This
      Agreement (including all agreements entered into pursuant hereto and all
      certificates and instruments delivered pursuant hereto and thereto) constitute
      the entire agreement of the parties with respect to the subject matter hereof
      and supersede all prior and contemporaneous agreements, representations,
      understandings, negotiations and discussions between the parties, whether oral
      or written.

     

    6.8.
      Modifications and Amendments.
      No
      amendment, modification or termination of this Agreement shall be binding upon
      any party unless executed in writing by such party. Notwithstanding the
      foregoing, any and all parties must obtain the written consent of the
      Representative and a majority-in-interest of the Demanding Holders to amend
      or
      modify this Agreement.

     

    6.9.
      Titles and Headings.
      Titles
      and headings of sections of this Agreement are for convenience only and shall
      not affect the construction of any provision of this Agreement.

     

    6.10.
      Specific Performance.
      Each of
      the parties acknowledges and agrees that the other parties would be damaged
      irreparably in the event any of the provisions of this Agreement are not
      performed in accordance with their specific terms or otherwise are breached.
      Accordingly, each of the parties agrees that the other parties shall be entitled
      to an injunction or injunctions (without the necessity of posting a bond or
      other security) to prevent breaches of the provisions of this Agreement and
      to
      enforce specifically this Agreement and the terms and provisions hereof in
      any
      action instituted in any court of the United States or any state or other
      foreign court or governmental body having jurisdiction over the parties and
      the
      matter, in addition to any other remedy to which they may be entitled, at law
      or
      in equity.

     

    6.11.
      Waivers and Extensions.
      Any
      party to this Agreement may waive any right, breach or default which such party
      has the right to waive, provided that such waiver will not be effective against
      the waiving party unless it is in writing, is signed by such party, and
      specifically refers to this Agreement. Waivers may be made in advance or after
      the right waived has arisen or the breach or default waived has occurred. Any
      waiver may be conditional. No waiver of any breach of any agreement or provision
      herein contained shall be deemed a waiver of any preceding or succeeding breach
      thereof nor of any other agreement or provision herein contained. No waiver
      or
      extension of time for performance of any obligations or acts shall be deemed
      a
      waiver or extension of the time for performance of any other obligations or
      acts.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    6.12.
      Remedies Cumulative.
      In the
      event that the Company fails to observe or perform any covenant or agreement
      to
      be observed or performed under this Agreement, the Investors or any other holder
      of Registrable Securities may proceed to protect and enforce its rights by
      suit
      in equity or action at law, whether for specific performance of any term
      contained in this Agreement or for an injunction against the breach of any
      such
      term or in aid of the exercise of any power granted in this Agreement or to
      enforce any other legal or equitable right, or to take any one or more of such
      actions, without being required to post a bond. None of the rights, powers
      or
      remedies conferred under this Agreement shall be mutually exclusive, and each
      such right, power or remedy shall be cumulative and in addition to any other
      right, power or remedy, whether conferred by this Agreement or now or hereafter
      available at law, in equity, by statute or otherwise.

     

    6.13.
      Governing Law.
      This
      Agreement shall be governed by, interpreted under, and construed in accordance
      with the internal laws of the State of New York applicable to agreements made
      and to be performed within the State of New York, without giving effect to
      any
      choice-of-law provisions thereof that would compel the application of the
      substantive laws of any other jurisdiction. The parties hereto agree that any
      action, proceeding or claim against the undersigned arising out of or relating
      in any way to this Agreement shall be brought and enforced in the courts of
      the
      State of New York or the United States District Court for the Southern District
      of New York, and irrevocably submits to such jurisdiction, which jurisdiction
      shall be exclusive. The
      parties
      hereto
      hereby
      waive any objection to such exclusive jurisdiction and that such courts
      represent an inconvenient
      forum. The
      Company hereby appoints, without power of revocation, Mintz, Levin, Cohn,
      Ferris, Glovsky & Popeo, P.C.,
      at the
      address set forth in Section 6.4 hereto, as its agent to accept and acknowledge
      on its behalf service of any and all process which may be served in any action,
      proceeding or counterclaim in any way relating to or arising out of this letter
      agreement.

     

    6.14.
      Waiver of Trial by Jury.
      Each
      party hereby irrevocably and unconditionally waives the right to a trial by
      jury
      in any action, suit, counterclaim or other proceeding (whether based on
      contract, tort or otherwise) arising out of, connected with or relating to
      this
      Agreement, the transactions contemplated hereby, or the actions of the Investors
      in the negotiation, administration, performance or enforcement
      hereof.

     

    [Remainder
      of page intentionally left blank.
      Signature
      page to follow.]

     

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties have caused this Registration Rights Agreement
      to
      be executed and delivered by their duly authorized representatives as of the
      date first written above.

     

    

    
      	 	
              KOREA
                MILESTONE ACQUISITION CORPORATION 

            
	 	 
	 	 
	 	
              _______________________________________________  

            
	 	
              By:
                Sang-Chul Kim, Chairman and Chief Executive Officer

            
	 	 
	 	
              INVESTORS:

            
	 	 
	 	 
	 	 
	 	
              _______________________________________________ 

            
	 	
              Sang-Chul
                Kim

            
	 	 
	 	 
	 	
              _______________________________________________

            
	 	
              Yong
                Hyun Kang

            
	 	 
	 	 
	 	
              _______________________________________________

            
	 	
              Jhong
                Wong Kim

            
	 	 
	 	 
	 	
              _______________________________________________

            
	 	
              Soo
                Hyung Lee

            
	 	 
	 	 
	 	
              _______________________________________________

            
	 	
              Moon
                Youl Ban

            
	 	 
	 	 
	 	 

    

    

    

    [Signature
      Page to Registration Rights Agreement]

     

     

    16

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