Document:

VIA
      HAND DELIVERY

            	
              Exhibit
      10.5

            

    

    

    Mr.
Steven Seeker

    S19
W28818 Price Court

    Waukesha,
WI 53188

    

    RE:      Letter
Agreement

    

    Dear
Steve:

    

    Thank you
for your January 29, 2010 e-mail regarding the end of your employment with ZBB
Energy Corporation (the “Company”).  This correspondence will
memorialize the agreement between you and the Company concerning the end of your
employment and retirement from the Company.

    

    
      	
               
      

            	
              1.

            	
              As
      we discussed on January 27, 2010, the Company does not intend on renewing
      your Employment Agreement dated November 1, 2007 (“Employment Agreement”).
      This Letter Agreement provides you written notice of the Company’s intent
      not to renew your Employment Agreement as required by Article I of the
      Employment Agreement.

            

    

    

    
      	
               
      

            	
              2.

            	
              As
      we further discussed, it is not the intent of you or the Company to
      terminate your Employment Agreement prior to the expiration of the current
      term.  Rather, you and the Company have agreed on an arrangement
      that allows you to seek other employment opportunities while continuing to
      receive the benefits under the Employment Agreement and assisting the
      Company with preparing for your departure, which terms are set forth in
      this Letter Agreement.  This means that nothing in this Letter
      Agreement should be considered a termination of your Employment Agreement
      under Article IV or otherwise.

            

    

    

    
      	
               
      

            	
              3.

            	
              To
      this end, you and the Company have agreed that from February 3, 2010
      through the end of the initial term of the Employment Agreement, you will
      be on a paid leave of absence.  This leave of absence will
      continue until the term of the Employment Agreement expires and your
      employment ends on June 30, 2010 (“Separation
  Date”).

            

    

    

    
      	
               
      

            	
              4.

            	
              During
      the leave of absence, the terms of your Employment Agreement, including
      your current salary ($208,000 per year) and vacation accrual, will
      continue in full force and effect, with the following modification to
      Article II of the Employment Agreement.  You will not be
      required to devote your entire working time and efforts to the business
      affairs of the Company and instead, you will not be expected to report to
      work during the leave of absence which we agreed will assist with your
      efforts to seek other employment consistent with your post-employment
      obligations to the Company under your Employment
  Agreement.

            

    

    

    
      	
               
      

            	
              5.

            	
              After
      the Separation Date, the Company will provide you with payment for all
      your earned and unused vacation.  In addition, the Company will
      provide you with the right to participate, at your own expense, in the
      Company’s group health insurance plan in accordance with the mandates of
      the Consolidated Omnibus Budget Reconciliation Act, as amended
      (“COBRA”).

            

    

    

    
      	
               
      

            	
              6.

            	
              As
      originally scheduled, all of your outstanding restricted stock shall vest
      on March 31, 2010, pursuant to the terms of the March 11, 2009 Consent of
      the Compensation Committee of ZBB Energy Corporation, and shall otherwise
      be subject to the terms of the 2007 Equity Incentive Plan.  The
      total shall be 17,333 shares net of the 25% claw
  back.

            

    

    

    
      
        	
                N93
      W14475 Whittaker Way

              	
                PO
      Box 2047

              
	
                Menomonee
      Falls WI  53051

              	
                Kardinya
      WA 6163

              
	
                Tel:  (262)
      253 9800 Fax:  (262) 253 9822

              	
                240
      Barrington Street

              
	
                Email:  hbrown@zbbenergy.com

              	
                Bibra
      Lake WA 6163

              
	 
      	
                Tel:  (08)
      9494 2055 Fax:  (08) 9494 2066

              
	 
      	
                Email:  info@zbbenergy.com

              
	
                www.zbbenergy.com

              	 
      

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              7.

            	
              The
      performance-based stock options granted on March 11, 2009 under your
      Employee Nonstatutory Stock Option Agreement dated December 14, 2009 are
      governed by the terms of the 2007 Equity Incentive Plan.  As of
      your Separation Date, you will be vested in 18,200 of these stock
      options.  Because your termination of employment is classified
      as a “retirement” under the 2007 Equity Incentive Plan, you shall have one
      year from your Separation Date or until June 30, 2011 to exercise all of
      the above vested stock options.

            

    

    

    
      	
               
      

            	
              8.

            	
              The
      service-based stock options granted on June 6, 2008 under your Employee
      Nonstatutory Stock Option Agreement dated December 11, 2009 are governed
      by the terms of the 2002 Stock Option Plan.  As of your
      Separation Date, you will be vested in 100,000 of these stock
      options.  Because it is the intent of the Company to classify
      your termination of employment as a “retirement,” in accordance with the
      2002 Stock Option Plan, upon approval by the Board of Directors you shall
      have one year from your Separation Date or until June 30, 2011 to exercise
      all of the above vested stock
options.

            

    

    

    
      	
               
      

            	
              9.

            	
              The
      Company and you will characterize your end of employment as a
      retirement.  You and the Company agree that an announcement on
      February 3, 2010 to employees  regarding your
      departure will be as follows:

            

    

    

    Steve
Seeker has decided to retire from his position with the Company effective June
30, 2010.  The Company’s new CEO wants to get directly involved in the
operations of the Company and as a result, Steve’s expertise is no longer
needed.   We thank Steve for his contributions to the Company and
wish him well in his pursuit of other opportunities.  All staff
currently reporting to Steve Seeker (COO) will now directly report either to
Eric Apfelbach (CEO) or Scott Scampini (Executive VP).

    

    
      	
            	
              11.

            	
              In
      consideration for the benefits provided to you in this Letter Agreement
      which you acknowledge are greater then those to which you would otherwise
      be entitled, you agree, on
      behalf of yourself, your heirs, successors and assigns, to release the
      Company, its parents, subsidiaries and affiliates and their respective
      past and present officers, directors, stockholders, members, partners,
      agents, insurers and employees (“Released Parties”), from any claims
      arising on or before the date you sign this Letter
      Agreement.  This includes, but is not limited to, giving up any
      claims related in any way to your employment by the Company, the decision
      to separate your employment, and separation of our employment
      relationship.  This release of claims includes any claims,
      whether they are presently known or unknown, or anticipated or
      unanticipated by you.  Your signature below acknowledges that
      you are not entitled to any other severance or benefits, vacation, bonus,
      commission, wages or other payments of any kind, except those described in
      this agreement.  Because you are age 40 or
      older, your acceptance of this agreement also will release any and all
      claims under the federal Age Discrimination in Employment
      Act.  You should not construe this reference to age
      discrimination claims as in any way limiting the general and comprehensive
      nature of the release of claims provided under this Paragraph. You agree to waive and give up
      any benefit conferred on you by any order or judgment issued in connection
      with any proceeding filed against the Released Parties regarding any claim
      released in this Letter
Agreement.

            

    

    

    
      	
            	
              12.

            	
              Likewise,
      except for claims involving misconduct of the type specified in Wis. Stat. Sec.
      180.0828(1), the Company forever waives and gives up any and all
      claims it may have, whether known or unknown, against you, your heirs,
      successors and assigns for any monetary relief for itself and any benefits
      or remedies that are based on any act, or failure to act, that occurred
      before the date you sign this Letter Agreement, to the fullest extent
      permitted under applicable law.

            

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    
      	
            	
              13.

            	
              You
      may acknowledge your acceptance of the terms of this Letter Agreement by
      signing and returning a copy of this Letter Agreement to Helen Brown,
      Human Resource Manager, N93W14475 Whittaker Ave, Menomonee Falls, WI,
      53051, on or
      before 5:00 p.m. Central Time on the 21st calendar day
      following your receipt of this agreement. You will have seven (7)
      calendar days after signing this agreement within which to revoke your
      acceptance of it (“Revocation Period”).  Such revocation will
      not be effective unless written notice of the revocation is, via mail,
      overnight delivery or hand delivery, directed to and received by Helen
      Brown, Human Resource Manager, N93W14475 Whittaker Ave, Menomonee Falls,
      WI, 53051, on or before 5:00 p.m. Central Time on the 1st
      business day following expiration of the Revocation
      Period.  This Letter Agreement will not be binding or
      enforceable unless you have signed and delivered this agreement as
      provided for herein and have chosen not to exercise your revocation
      rights, as described above.  If you fail to accept this Letter
      Agreement or revoke your acceptance of this Letter Agreement, the terms of
      this Letter Agreement will be void.

            

    

     

    
      	
            	
              14.

            	
              By
      signing below, you agree and acknowledge that you have read this Letter
      Agreement and understand its contents.  You further agree and
      acknowledge that you have been advised by the Company to consult with an
      attorney prior to signing this agreement.  You understand that
      this Letter Agreement includes a final general release, including a
      release of all claims under the Age Discrimination in Employment
      Act.  You further understand that this Letter Agreement
      supersedes any prior agreements, practices, policies or discussions of any
      kind concerning the matters detailed in this Letter
    Agreement.

            

    

     

    Should
you have any questions, please feel free to contact me.

     

    
      
        
          
            
              
                	
                        Very
      truly yours,

                      
	 
	
                        ZBB
      ENERGY CORPORATION

                      
	 	 
	
                        By: 

                      	
                        /s/
      Eric C. Apfelbach

                      
	
                        Eric
      Apfelbach (Chief Executive
Officer)

                      

              

            

          

        

      

    

    

    I agree
with and accept the terms contained in

    this
agreement and agree to be bound by them.

    Dated
this 4th day of February 4, 2010.

     

    Time:   12:30
P.M.

     

    /s/
Steven Seeker

     

    
      
         

      

      
        3Exhibit 4.1 

WARRANT AGREEMENT 

This Warrant Agreement, dated as of March 7, 2008 (the “Agreement”) by and between Hambrecht Asia Acquisition Corp., a corporation organized under the laws of the Cayman Islands (the “Company”), with offices at 13/F Tower 2, New World Tower, 18 Queens Road Central, Hong Kong, and Continental Stock Transfer & Trust Company, a New York corporation (the “Warrant Agent”), with offices at 17 Battery Place, New York, New York 10004. 

WHEREAS, the Company is engaged in a public offering (the “Public Offering”) of 4,000,000 Units (“Units”) of the Company, each Unit consisting of one ordinary share, par value $0,001 per share (the “Ordinary Share”) and one warrant to purchase one Ordinary Share (the “Warrant”) and, in connection therewith, has determined to issue and deliver up to 4,000,000 Warrants (the “Public Warrants”) to the public investors; 

WHEREAS, the Company has heretofore engaged in a private offering (the “Private Offering”) of 1,550,000 warrants (the “Insider Warrants”) of the Company to certain persons named in the Registration Statement (as defined below); 

WHEREAS, in connection with the Public Offering, the Company has determined to sell and deliver to Broadband Capital Management LLC (the “Broadband”), as representative of the Underwriters, an option to purchase 280,000 Units of the Company, which Units contain 280,000 Ordinary Shares and 280,000 Warrants (the “Representative Warrants”); 

WHEREAS, the Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement, No. 333-146147 on Form S-l (the “Registration Statement”) for the registration, under the Securities Act of 1933, as amended (the “Act”) of, among other securities, the Public Warrants and the Ordinary Shares issuable upon exercise of the Public Warrants and the Representative’s Warrants and the Ordinary Shares issuable upon exercise of the Representative’s Warrants; 

WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; 

WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Public Warrants, the Insider Warrants and the Representative’s Warrants (each, the “Warrant”; collectively, the “Warrants”); and 

WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement. 

NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows: 

1. Appointment of Warrant Agent.  The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement. 

2. Warrants. 

2.1 Form of Warrant.  Each Warrant shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board of Directors and Chief Executive Officer and/or Chief Financial Officer, Chief Operating Officer, Treasurer or Assistant Secretary of the Company and shall bear a facsimile of the Company’s seal. In the event the person whose facsimile signature has been placed upon any 

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Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance. 

2.2 Effect of Countersignature.  Unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof. 

2.3 Registration. 

2.3.1 Warrant Register.  The Warrant Agent shall maintain books (“Warrant Register”), for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. 

2.3.2 Registered Holder.  Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name such Warrant shall be registered upon the Warrant Register (“registered holder”), as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on the Warrant Certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice
to the contrary. 

2.4 Detachability of Public Warrants.  The Public Warrants and Ordinary Shares comprising the Units will begin separate trading on the 45th day after the effective date of the Registration Statement hereof unless Broadband informs the Company of its decision to allow earlier trading, subject to the Company’s having filed the Current Report on Form 8-K and having issued a press release announcing when such separate trading will begin, but in no event will Broadband allow separate trading of the Public Warrants and Ordinary Shares comprising the Units until the Company files with the SEC a Current Report on Form 8-K
which includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the sale of the Insider Warrants and the Public Offering including the proceeds received by the Company from the exercise of the Underwriters’ Over-allotment Option, if the over-allotment option is exercised prior to the filing of the Form 8-K. 

2.5 Insider Warrants.  The Insider Warrants may not be transferred until the consummation of the Business Combination (as defined in the Registration Statement). 

3. Terms and Exercise of Warrants 

3.1 Warrant Price.  Each Warrant shall, when countersigned by the Warrant Agent, entitle the registered holder thereof, subject to the provisions of such Warrant and of this Warrant Agreement, to purchase from the Company the number of Ordinary Shares, at the price of $5.00 per Ordinary Share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant Price” as used in this Warrant Agreement refers to the price per share at which Ordinary Shares may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at
any time prior to the Expiration Date for a period of not less than ten (10) business days, provided any such reduction shall be identical among all of the Warrants. 

3.2 Duration of Warrants.  A Warrant may be exercised only during the period (“Exercise Period”) commencing on the later of the consummation by the Company of a stock exchange, asset acquisition or other similar business combination (“Business Combination”) (as described more fully in the Company’s Registration Statement) or March 7, 2009, and terminating at 5:00 p.m., New York City time on the earlier to occur of (i) March 6, 2013 or (ii) the date fixed for redemption of the Warrants as provided in Section 6 of this Agreement (“Expiration Date”). Notwithstanding the foregoing, no Warrant shall be
exercisable unless, at the time of exercise, a registration statement relating to the Common Stock issuable upon the exercise of such a Warrant is effective and current and a prospectus is available for use by the holders thereof and the Common Stock has been qualified or deemed to be exempt under the securities laws of the state of residence of the holder of such Warrants. Except with respect to the right to receive the Redemption Price (as set forth 

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in Section 6 hereunder), each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at the close of business on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, however, the Company will provide notice to registered holders of the Warrants of such extension of not less than 20 days and, further provided that any such extension shall be identical in duration among all of the Warrants. 

3.3 Exercise of Warrants. 

3.3.1 Payment.  Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant, duly executed, and by paying in full, in lawful money of the United States, in cash, good certified check or good bank draft payable to the order of the Company (or as otherwise agreed to by the Company), the Warrant Price for each
full Ordinary Share as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the Ordinary Share, and the issuance of the Ordinary Share. 

3.3.2 Issuance of Certificates.  As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price, the Company shall issue to the registered holder of such Warrant a certificate or certificates for the number of full Ordinary Shares to which he is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new countersigned Warrant for the number of shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any
securities pursuant to the exercise of a Warrant unless (i) a registration statement under the Act with respect to the Ordinary Shares is effective or (ii) in the opinion of counsel to the Company, the exercise of the Warrants is exempt from the registration requirements of the Act and such securities are qualified for sale or exempt from qualification under applicable securities laws of the states or other jurisdictions in which the registered holders reside. Warrants may not be exercised by, or securities issued to, any registered holder in any state in which such exercise or issuance would be unlawful. In no event will the Company be required to provide the registered holder of a warrant with a net-cash settlement or other consideration in lieu of physical settlement in shares of Common Stock, regardless of whether the Common Stock underlying the Warrants is registered pursuant to an effective registration statement. Accordingly, the Warrants may expire unexercised and worthless if
a current registration statement covering the Common Stock is not effective. 

3.3.3 Valid Issuance.  All Ordinary Shares issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully paid and nonassessable. 

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

3.3.5 Exercise of Insider Warrant.  Notwithstanding anything contained herein to the contrary, the Insider Warrant may, at any time, provided that at the time of exercise they are held by the original purchaser thereof or its permitted assigns, be exercised by surrendering such Insider Warrant for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrant, multiplied by the difference between the Warrant Price and the “FMV” (defined below) by (y) the FMV. The “FMV” shall mean the average reported last sale price
of the Common Stock for the 10 trading days ending on the third business day prior to the date on which notice of exercise is received by the Company. 

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4. Adjustments. 

4.1 Stock Dividends — Split-Ups.  If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding 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 of such stock dividend, split-up or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding Ordinary Shares. 

4.2 Aggregation of Shares.  If after the date hereof, and subject to the provisions of Section 4.6, the number of outstanding Ordinary Shares is decreased by a consolidation, combination, reverse stock split or reclassification of Ordinary Shares or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding Ordinary Shares. 

4.3 Adjustments in Exercise Price.  Whenever the number of Ordinary Shares purchasable upon the exercise of the Warrants is adjusted, as provided in Section 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of Ordinary Shares purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of Ordinary Shares so purchasable immediately thereafter. 

4.4 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 4.1 or 4.2 hereof or that solely affects the par value of such Ordinary Shares), or in the case of any consolidation of the Company with or into another corporation (other than a consolidation 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 assets or other property of
the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Warrant holders shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the Ordinary Shares of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, or consolidation, or upon a dissolution following any such sale or transfer, that the Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event; and if any reclassification also results in a change in Ordinary Shares covered by Section 4.1 or 4.2, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions of this
Section 4.4 shall similarly apply to successive reclassifications, reorganizations, or consolidations, sales or other transfers. 

4.5 Notices of Changes in Warrant.  Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4, then, in any such event, the Company shall give
written notice to the Warrant holder, at the last address set forth for such holder in the warrant register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event. 

4.6 No Fractional Shares.  Notwithstanding any provision contained in this Warrant Agreement to the contrary, the Company shall not issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round up to the nearest whole number the number of the Ordinary Shares to be issued to the Warrant holder. 

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4.7 Form of Warrant.  The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Agreement. However, the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so
changed. 

5. Transfer and Exchange of Warrants. 

5.1 Transfer of Warrants.  Prior to the date the warrants are detached from the Units (the “Detachment Date”), the Public Warrants may be transferred or exchanged only together with the Unit in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants included in such Unit. From and after the Detachment Date, this Section 5.1 will have no further force and effect. 

5.2 Registration of Transfer.  The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request. 

5.3 Procedure for Surrender of Warrants.  Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the registered holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating
that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend. 

5.4 Fractional Warrants.  The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance of a warrant certificate for a fraction of a warrant. 

5.5 Service Charges.  No service charge shall be made for any exchange or registration of transfer of Warrants. 

5.6 Warrant Execution and Countersignature.  The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose. 

6. Redemption. 

6.1 Redemption.  Subject to Section 6.4 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time after they become exercisable and prior to their expiration, at the office of the Warrant Agent, upon the notice referred to in Section 6.2., at the price of $.01 per Warrant (“Redemption Price”), provided that the last sales price of the Ordinary Shares has been at least $11.50 per share, on each of twenty (20) trading days within any thirty (30) trading day period ending on the third business day prior to the date on which notice of redemption is given. Notwithstanding
the foregoing, the Registration Statement must be current in order for the Company to exercise its redemption rights pursuant to this Section 6. The provisions of this Section 6.1 may not be modified, amended or deleted without the prior written consent of Broadband. The Insider Warrants are not subject to this Section 6 provided they are held by the initial purchasers thereof, or their permitted assigns (as described in the Securities Escrow Agreement entered into by the holders of Insider Warrants on the date hereof). 

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6.2 Date Fixed for, and Notice of, Redemption.  In the event the Company shall elect to redeem all of the Warrants, the Company shall fix a date for the redemption. Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than 30 days prior to the date fixed for redemption to the registered holders of the Warrants to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the registered holder received such notice. 

6.3 Exercise After Notice of Redemption.  The Warrants may be exercised in accordance with Section 3 of this Agreement at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2. hereof and prior to the time and date fixed for redemption. On and after the redemption date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price. 

6.4 Outstanding Warrants Only.  The Company understands that the redemption rights provided for by this Section 6 apply only to outstanding Warrants. To the extent a person holds rights to purchase Warrants, such purchase rights shall not be extinguished by redemption. However, once such purchase rights are exercised, the Company may redeem the Warrants issued upon such exercise provided that the criteria for redemption is met. The provisions of this Section 6.4 may not be modified, amended or deleted without the prior written consent of the Representative. 

6.5 Exclusion of Private Warrants.  The Company understands that the redemption rights provided for by this Section 6 do not apply to the Insider Warrants if at the time of redemption such warrants continue to be held by the initial purchaser or its permitted assigns. However, once such Insider Warrants are transferred other than to any permitted assign, the Company may redeem the Insider Warrants, provided the criteria for redemption are met, including the opportunity of the Warrant holder to exercise prior to redemption pursuant to Section 6.3. 

7. Other Provisions Relating to Rights of Holders of Warrants. 

7.1 No Rights as Stockholder.  A Warrant does not entitle the registered holder thereof to any of the rights of a stockholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors of the Company or any other matter. 

7.2 Lost, Stolen, Mutilated, or Destroyed Warrants.  If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone. 

7.3 Reservation of Ordinary Shares.  The Company shall at all times reserve and keep available a number of its authorized but unissued Ordinary Shares that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement. 

7.4 Registration of Ordinary Shares.  The Company agrees that prior to the commencement of the Exercise Period, it shall file with the Securities and Exchange Commission a post-effective amendment to the Registration Statement, or a new registration statement, for the registration, under the Act, of, and it shall take such action as is necessary to qualify for sale, in those states in which the Warrants were initially offered by the Company, the Ordinary Shares issuable upon exercise of the Warrants. In either case, the Company will use its best efforts to cause the same to become effective to maintain the effectiveness of such
registration statement until the expiration of the Warrants in accordance with the provisions of this Agreement. In addition, the Company agrees to use its reasonable efforts to register such securities under the blue sky laws of the states of residence of the exercising warrant holders to the extent an exemption is not available. The provisions of this Section 7.4 may not be modified, amended or deleted without the prior written consent of the Representative. 

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8. Concerning the Warrant Agent and Other Matters. 

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

8.2 Resignation or Consolidation of Warrant Agent. 

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

8.2.2 Notice of Successor Warrant Agent.  In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent and the transfer agent for the Ordinary Shares not later than the effective date of any such appointment. 

8.2.3 Merger or Consolidation of Warrant Agent.  Any corporation into which the Warrant Agent may be merged or with which it may be consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement without any further act. 

8.3 Fees and Expenses of Warrant Agent. 

8.3.1 Remuneration.  The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and will reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder. 

8.3.2 Further Assurances.  The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Agreement. 

8.4 Liability of Warrant Agent. 

8.4.1 Reliance on Company Statement.  Whenever in the performance of its duties under this Warrant Agreement, the Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement signed by the Co-Chief Executive Officer or 

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Chairman of the Board of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement. 

8.4.2 Indemnity.  The Warrant Agent shall be liable hereunder only for its own negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement except as a result of the Warrant Agent’s negligence, willful misconduct, or bad faith. 

8.4.3 Exclusions.  The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder
be deemed to make any representation or warranty as to the authorization or reservation of any Ordinary Shares to be issued pursuant to this Agreement or any Warrant or as to whether any Ordinary Shares will when issued be valid and fully paid and nonassessable. 

8.5 Acceptance of Agency.  The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for, and pay to the Company, all moneys received by the Warrant Agent for the purchase of shares of the Company’s Ordinary Shares through the exercise of Warrants. 

8.6 Waiver.  The Warrant Agent hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between the Company and the Warrant Agent as trustee thereunder), and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. 

9. Miscellaneous Provisions. 

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

9.2 Notices.  Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows: 

Hambrecht Asia Acquisition Corp.
 13/F Tower 2
 New World Tower
 18 Queens Road Central
 Hong Kong
 Attn: John Wang, Chief Executive Officer 

Any notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows: 

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Continental Stock Transfer & Trust Company
 17 Battery Place
 New York, New York 10004
 Attn: Steven Nelson and Frank Di Paolo 

with a copy in each case to: 

Loeb & Loeb LLP
 345 Park Avenue
 New York, New York 10154
 Attn: Mitchell S. Nussbaum, Esq. 

and 

Broadband Capital Management
 712 Fifth Avenue
 New York, New York 10019
 Attn: T. Corby Hocker 

and 

Ellenoff Grossman & Schole LLP
 370 Lexington Avenue
 New York, New York 10017
 Fax: (212) 370-7889
 Attn: Douglas S. Ellenoff, Esq. 

9.3 Applicable law.  The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to conflict of laws. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive
jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. 

9.4 Persons Having Rights under this Agreement.  Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered holders of the Warrants and, for the purposes of Sections 6.1, 6.4, 7.4 and 9.2 hereof, the Representative, any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The Representative shall be deemed to be a third-party beneficiary of this Agreement with
respect to Sections 6.1, 6.4, 7.4 and 9.2 hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto (and the Representative with respect to the Sections 6.1, 6.4, 7.4 and 9.2 hereof) and their successors and assigns and of the registered holders of the Warrants. 

9.5 Examination of the Warrant Agreement.  A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant. The Warrant Agent may require any such holder to submit his Warrant for inspection by it. 

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

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9.7 Effect of Headings.  The Section headings herein are for convenience only and are not part of this Warrant Agreement and shall not affect the interpretation thereof. 

9.8 Amendments.  This Warrant Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or questions arising under this Warrant Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the registered holders. All other modifications or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require
the written consent of each of Broadband and the registered holders of a majority of the then outstanding Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period in accordance with Sections 3.1 and 3.2, respectively, without such consent. 

9.9 Severability.  This Warrant 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 Warrant 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 Warrant Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

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

		 	
		 	HAMBRECHT ASIA ACQUISITION CORP.
	  	 	By:
/s/ John Wang

Name: John Wang
 Title: Chief Executive Officer

	  	 	Continental Stock Transfer & Trust Company
	  	 	By:
  

Name:
 Title:

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

		 	
		 	HAMBRECHT ASIA ACQUISITION CORP.
	  	 	By:
  

Name: John Wang
 Title: Chief Executive Officer

	  	 	Continental Stock Transfer & Trust Company
	  	 	By:
/s/ Steven Nelson

Name: Steven Nelson
 Title: President

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